MGPS Property Limited - Limited company - abbreviated - 11.6
MGPS Property Limited - Limited company - abbreviated - 11.6
REGISTERED NUMBER: |
Abbreviated Unaudited Accounts for the Year Ended 31 August 2014 |
for |
MGPS Property Limited |
MGPS Property Limited (Registered number: 05915839) |
Contents of the Abbreviated Accounts |
for the Year Ended 31 August 2014 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 3 |
MGPS Property Limited |
Company Information |
for the Year Ended 31 August 2014 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
MGPS Property Limited (Registered number: 05915839) |
Abbreviated Balance Sheet |
31 August 2014 |
31.8.14 | 31.8.13 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 2 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 3 |
Profit and loss account | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors on |
MGPS Property Limited (Registered number: 05915839) |
Notes to the Abbreviated Accounts |
for the Year Ended 31 August 2014 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
Turnover |
Turnover represents rents received in the year, net of VAT. |
Investment property |
Investments properties are included in the balance sheet at Directors valuation which is considered as open |
market value. Depreciation is not provided in respect of freehold investment properties, or in respect of leasehold |
investment properties where the unexpired term of the lease is more than 20 years. The Directors consider that |
this accounting policy, which represents a departure from the statutory accounting rules, is necessary to provide a |
true and fair view as required under SSAP 19 ''Accounting for investment properties''. The financial effect of the |
departure from the statutory accounting rules is not material. |
Taxation |
Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Going concern |
The directors have reviewed budgets, projected cashflows and other relevant information, and, on the basis of |
this review, are confident that the company has adequate resources to continue in operational existence for the |
foreseeable future. For this reason, the directors consider it appropriate to adopt the going concern basis in |
preparing the financial statements. |
2. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 September 2013 |
Additions |
At 31 August 2014 |
NET BOOK VALUE |
At 31 August 2014 |
At 31 August 2013 |
3. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.14 | 31.8.13 |
value: | £ | £ |
Ordinary shares | 1 |
MGPS Property Limited (Registered number: 05915839) |
Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 August 2014 |
4. | RELATED PARTY DISCLOSURES |
(i) MGPS Developments Ltd (a party related through common shareholding and directorship): |
The balance owed to decrease in the amount owed is due to repayments made in the year. |
(ii) |
The balance owed by MGPS Hotels Ltd at the year end amounts to £ |
(iii) |
The balance owed by MP Hotels Ltd at the year end amounts to £ |
(iv) |
The balance owed to GS Hotels Ltd at the year end amounts to £ management charges of £18,750 (2013:£22,500) were payable to GS Hotels Ltd. |