MGM Estates (UK) Limited - Accounts to registrar (filleted) - small 17.3

MGM ESTATES (UK) LIMITED

Unaudited Financial Statements

for the Year Ended 30th June 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs H Gulzar

D Gulzar

SECRETARY:

Mrs H Gulzar

REGISTERED OFFICE:

1 Abbots Quay

Monks Ferry

Birkenhead

CH41 5LH

REGISTERED NUMBER:

05060496 (England and Wales)

FIXED ASSETS

Tangible assets

4

3,478

4,348

Investment property

5

4,307,981

4,280,279

4,311,459

4,284,627

CURRENT ASSETS

Debtors

6

16,128

42,884

Cash at bank

61,860

48,780

77,988

91,664

CREDITORS

Amounts falling due within one year

7

193,977

203,369

NET CURRENT LIABILITIES

(115,989

)

(111,705

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,195,470

4,172,922

CREDITORS

Amounts falling due after more than one year

8

4,171,087

4,171,087

NET ASSETS

24,383

1,835

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

24,373

1,825

SHAREHOLDERS' FUNDS

24,383

1,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2017 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6th December 2017 and were signed on its behalf by:

D Gulzar - Director

1.	STATUTORY INFORMATION

MGM Estates (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Financial instruments

Debtors/creditors and directors loans (being repayable on demand) are measured at the undiscounted amount

of the cash or other consideration expected to be paid.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st July 2016

and 30th June 2017

38,811

DEPRECIATION

At 1st July 2016

34,463

Charge for year

870

At 30th June 2017

35,333

NET BOOK VALUE

At 30th June 2017

3,478

At 30th June 2016

4,348

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st July 2016

4,280,279

Additions

27,702

At 30th June 2017

4,307,981

NET BOOK VALUE

At 30th June 2017

4,307,981

At 30th June 2016

4,280,279

Fair value at 30th June 2017 is represented by:

£

Valuation in 2014

(2,137

)

Cost

4,310,118

4,307,981

If investment properties had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

4,310,118

4,282,416

Investment properties were valued on an open market basis on 30th June 2017 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

6,756

Other debtors

16,128

36,128

16,128

42,884

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

(1

)

-

Taxation and social security

31,365

33,857

Other creditors

162,613

169,512

193,977

203,369

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

4,171,087

4,171,087

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other creditors

4,171,087

4,171,087

10.	RELATED PARTY DISCLOSURES

D Gulzar and H Gulzar have given personal guarantees to provide additional security to certain of the

company's mortgagors. The liability to these creditors as at 30th June 2017was £3,757,108 (2016 £3,757,108)