Company Registration No. 05055746 (England and Wales)
MGM HOTELS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
MGM HOTELS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MGM HOTELS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,628,307
2,630,623
Current assets
Stocks
15,061
43,830
Debtors
156,454
61,110
Cash at bank and in hand
122,596
170,758
294,111
275,698
Creditors: amounts falling due within one year
(524,447)
(518,394)
Net current liabilities
(230,336)
(242,696)
Total assets less current liabilities
2,397,971
2,387,927
Creditors: amounts falling due after more than one year
3
(1,659,684)
(1,852,461)
738,287
535,466
Capital and reserves
Called up share capital
4
50,000
50,000
Profit and loss account
688,287
485,466
Shareholder's funds
738,287
535,466
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 April 2016
M.G. Murphy
Director
Company Registration No. 05055746
MGM HOTELS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Nil
Computer equipment
33% Straight Line
Fixtures, fittings & equipment
20% Straight Line
No depreciation is provided in respect of freehold land. Depreciation is provided on the freehold building where the directors are of the opinion that there has been a permanent diminution in the residual value. The company's policy is to maintain its property in good condition and the directors review the residual value of its freehold property from time to time and provide in full for any reduction.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
MGM HOTELS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
3,717,501
Additions
52,693
At 31 December 2015
3,770,194
Depreciation
At 1 January 2015
1,086,879
Charge for the year
55,008
At 31 December 2015
1,141,887
Net book value
At 31 December 2015
2,628,307
At 31 December 2014
2,630,623
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
1,097,065
1,254,538
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
50,000 Ordinary Shares of £1 each
50,000
50,000