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Registered number: 14275499 MG PROPERTY LETS LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 AUGUST 2025
MG PROPERTY LETS LTD REGISTERED NUMBER: 14275499 BALANCE SHEET AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Investment property | 4 |  | 354,000 |  | -
|  |  | 354,000 |  | -
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 3,200 |  | 1,382 |
Cash at bank and in hand |  | 1,060 |  | 31 |
|  | 4,260 |  | 1,413 |
Creditors: amounts falling due within one year | 6 | (106,069) |  | (5,063) |
NET CURRENT LIABILITIES |  |  | (101,809) |  | (3,650)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 252,191 |  | (3,650)
Creditors: amounts falling due after more than one year | 7 |  | (265,742) |  | -
NET LIABILITIES |  |  | (13,551) |  | (3,650)
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 8 |  | 2 |  | 2
Profit and loss account |  |  | (13,553) |  | (3,652)
|  |  | (13,551) |  | (3,650)
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MG PROPERTY LETS LTD REGISTERED NUMBER: 14275499 BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
F Mortlock
Director
Date: 7 January 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
MG PROPERTY LETS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | GENERAL INFORMATION
MG Property Lets Ltd is a private company limited by shares and is incorporated in England and Wales. Its registered office address is Salisbury House, Station Road, Cambridge, CB1 2LA. The Company's functional and presentational currency is GBP. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The Company will continue to receive financial support from its shareholders and therefore has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on a going concern basis.
| 2.3 | TURNOVER
Turnover represents rental income earned by the Company from its rental property. Revenue is recognised on an accrual basis in accordance with the terms of the lease agreements, exclusive of Value Added Tax.
| 2.4 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
MG PROPERTY LETS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | TAXATION
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.8 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 4
MG PROPERTY LETS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 5
MG PROPERTY LETS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | FINANCIAL INSTRUMENTS (CONTINUED)
Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | INVESTMENT PROPERTY
|  | Freehold investment property
|  | £
| VALUATION |
| Additions at cost | 372,202
| Impairment on revaluation | (18,202)
| AT 31 AUGUST 2025 | 354,000
The 2025 valuations were made by the directors, on an open market value for existing use basis.
Page 6
MG PROPERTY LETS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
5. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 3,200 | -
| Prepayments and accrued income | - | 1,382
|  | 3,200 | 1,382
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax | 1,208 | -
| Other creditors | 100,901 | 3,563
| Accruals and deferred income | 3,960 | 1,500
|  | 106,069 | 5,063
| Other creditors include amounts owed to directors totalling £97,401 (2024 - £3,563). These loans are unsecured, non-interest bearing and repayable on demand.
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 265,742 | -
| Bank loans comprise an interest-only mortgage facility with Paragon Bank Plc. The loan is secured by a fixed charge over the Company’s freehold investment property. The facility bears interest at a fixed rate of 5.65% per annum and is repayable in full on 30 September 2048. No capital repayments are required during the term of the loan.
Page 7
MG PROPERTY LETS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
8. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 2 (2024 - 2) Ordinary shares of £1.00 each | 2 | 2
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