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REGISTERED NUMBER: 04109737 (England and Wales)















MG FURNITURE MAKERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021






MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MG FURNITURE MAKERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2021







DIRECTORS: M Gale
Mrs B M Gale





SECRETARY: Indigo Secretaries Limited





REGISTERED OFFICE: 3 Kensworth Gate
200 - 204 High Street South
Dunstable
Bedfordshire
LU6 3HS





REGISTERED NUMBER: 04109737 (England and Wales)





ACCOUNTANTS: Higginson & Co (UK) Ltd
3 Kensworth Gate
200 - 204 High Street South
Dunstable
Bedfordshire
LU6 3HS

MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

BALANCE SHEET
30 NOVEMBER 2021

30.11.21 30.11.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,839 6,475

CURRENT ASSETS
Stocks 885 879
Debtors 5 666 5,014
Cash at bank and in hand 3,235 1,321
4,786 7,214
CREDITORS
Amounts falling due within one year 6 34,945 29,878
NET CURRENT LIABILITIES (30,159 ) (22,664 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(25,320

)

(16,189

)

CAPITAL AND RESERVES
Called up share capital 7 200 200
Retained earnings (25,520 ) (16,389 )
SHAREHOLDERS' FUNDS (25,320 ) (16,189 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 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.

MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

BALANCE SHEET - continued
30 NOVEMBER 2021


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

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 and authorised for issue on 17 March 2022 and were signed on its behalf by:





M Gale - Director


MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021


1. STATUTORY INFORMATION

MG Furniture Makers 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2020
and 30 November 2021 14,265 8,366 22,631
DEPRECIATION
At 1 December 2020 7,923 8,233 16,156
Charge for year 1,586 50 1,636
At 30 November 2021 9,509 8,283 17,792
NET BOOK VALUE
At 30 November 2021 4,756 83 4,839
At 30 November 2020 6,342 133 6,475

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Trade debtors 454 3,580
Other debtors 212 934
Prepayments and accrued income - 500
666 5,014

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21 30.11.20
£    £   
Directors' current accounts 30,412 25,849
Accrued expenses 4,533 4,029
34,945 29,878

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.21 30.11.20
value: £    £   
100 Ordinary £1 100 100
100 Ordinary A £1 100 100
200 200

MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2021 and 30 November 2020:

30.11.21 30.11.20
£    £   
M Gale
Balance outstanding at start of year 12,925 6,733
Amounts advanced 2,281 6,192
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,206 12,925

Mrs B M Gale
Balance outstanding at start of year 12,924 6,733
Amounts advanced 2,282 6,191
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,206 12,924