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MG & TC LIMITED
TRADING AS
LA FAMILIA

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021






MG & TC LIMITED (REGISTERED NUMBER: 07882628)
TRADING AS LA FAMILIA






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MG & TC LIMITED
TRADING AS LA FAMILIA

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2021







DIRECTORS: M Capontes
T A de Castro





REGISTERED OFFICE: 2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ





REGISTERED NUMBER: 07882628 (England and Wales)





ACCOUNTANTS: Halsey & Co (Accountants) Ltd.
Chartered Certified Accountants
Registered Auditors
2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ

MG & TC LIMITED (REGISTERED NUMBER: 07882628)
TRADING AS LA FAMILIA

BALANCE SHEET
31ST DECEMBER 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 422,919 421,827

CURRENT ASSETS
Stocks 11,000 23,000
Debtors 6 53,257 59,487
Cash at bank 86,515 50,195
150,772 132,682
CREDITORS
Amounts falling due within one year 7 84,723 95,619
NET CURRENT ASSETS 66,049 37,063
TOTAL ASSETS LESS CURRENT
LIABILITIES

488,968

458,890

CREDITORS
Amounts falling due after more than one
year

8

(251,208

)

(237,176

)

PROVISIONS FOR LIABILITIES (1,187 ) (979 )
NET ASSETS 236,573 220,735

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 236,571 220,733
SHAREHOLDERS' FUNDS 236,573 220,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 & TC LIMITED (REGISTERED NUMBER: 07882628)
TRADING AS LA FAMILIA

BALANCE SHEET - continued
31ST DECEMBER 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 15th September 2022 and were signed on its behalf by:





M Capontes - Director


MG & TC LIMITED (REGISTERED NUMBER: 07882628)
TRADING AS LA FAMILIA

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021

1. STATUTORY INFORMATION

MG & TC 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.
Freehold property - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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 & TC LIMITED (REGISTERED NUMBER: 07882628)
TRADING AS LA FAMILIA

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 5 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2021 416,672 23,886 10,230
Additions - 350 427
At 31st December 2021 416,672 24,236 10,657
DEPRECIATION
At 1st January 2021 - 21,797 7,839
Charge for year - 610 704
At 31st December 2021 - 22,407 8,543
NET BOOK VALUE
At 31st December 2021 416,672 1,829 2,114
At 31st December 2020 416,672 2,089 2,391

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2021 1,600 1,983 454,371
Additions - 2,397 3,174
At 31st December 2021 1,600 4,380 457,545
DEPRECIATION
At 1st January 2021 925 1,983 32,544
Charge for year 169 599 2,082
At 31st December 2021 1,094 2,582 34,626
NET BOOK VALUE
At 31st December 2021 506 1,798 422,919
At 31st December 2020 675 - 421,827

MG & TC LIMITED (REGISTERED NUMBER: 07882628)
TRADING AS LA FAMILIA

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021

6. DEBTORS
31.12.21 31.12.20
£    £   
Amounts falling due within one year:
Other debtors 6,230 6,230
Prepayments 820 820
7,050 7,050

Amounts falling due after more than one year:
Other debtors 46,207 52,437

Aggregate amounts 53,257 59,487

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 35,967 27,551
Trade creditors 17,321 3,250
Tax 3,390 13,419
Social security and other taxes 1,597 3,690
Net wages payable 3,924 8,333
Pensions payable 425 323
VAT 6,146 11,124
Other creditors 12,946 12,946
Directors' current accounts 2,073 14,049
Accrued expenses 934 934
84,723 95,619

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Bank loans - 1-2 years 38,773 27,551
Bank loans - 2-5 years 113,013 82,652
Bank loans more 5 yr by instal 99,422 126,973
251,208 237,176

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 99,422 126,973

9. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £1,204 (2020 - £8,126) to M Capontes and £869 (2020 - £5,923) to T Castro, the directors of the company. The loans were interest free and repayable on demand.