Company registration number 11210430 (England and Wales)
MGCO PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
Affinia
80 Compair Crescent
Ipswich
Suffolk
UK
IP2 0EH
MGCO PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
MGCO PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
691
1,079
Investment property
4
450,000
450,000
450,691
451,079
Current assets
Cash at bank and in hand
1,388
1,548
Creditors: amounts falling due within one year
5
(91,917)
(90,979)
Net current liabilities
(90,529)
(89,431)
Total assets less current liabilities
360,162
361,648
Creditors: amounts falling due after more than one year
6
(346,133)
(347,967)
Provisions for liabilities
(1,481)
(1,555)
Net assets
12,548
12,126
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
5,756
5,756
Distributable profit and loss reserves
6,692
6,270
Total equity
12,548
12,126
MGCO PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 11 May 2026
Ms C Sinester
Director
Company registration number 11210430 (England and Wales)
MGCO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information

MGCO Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 80 Compair Crescent, Ipswich, Suffolk, UK, IP2 0EH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable fo r and other letting services provided in the normal course of business, and is shown gross of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing Balance
Fixtures and fittings
25% Straight line
Computers
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

MGCO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MGCO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 29 February 2024 and 28 February 2025
4,221
Depreciation and impairment
At 29 February 2024
3,142
Depreciation charged in the year
388
At 28 February 2025
3,530
Carrying amount
At 28 February 2025
691
At 28 February 2024
1,079
4
Investment property
2025
£
Fair value
At 29 February 2024 and 28 February 2025
450,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the statement of financial position date by the director, in accordance with section 16 of FRS102. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

MGCO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
2,006
1,957
Trade creditors
-
0
20
Taxation and social security
1,990
2,808
Other creditors
87,921
86,194
91,917
90,979
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
346,133
347,967
Creditors which fall due after five years are payable as follows:
Payable other than by instalments
344,250
344,250

Vida Homeloans h old a fixed and floating charge dated 28 March 2018 over 67 Malmesbury Road, E3 2EB.

Interbay Funding Ltd hold a fixed and floating charge dated 16 February 2021 over 67 Malmesbury Road, E3 2EB.

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