Company registration number 04278921 (England and Wales)
MGA PERFORMANCE CAR SPECIALIST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MGA PERFORMANCE CAR SPECIALIST LIMITED
COMPANY INFORMATION
Directors
M L Gormley
M P M Gormley
Secretary
M P M Gormley
Company number
04278921
Registered office
Unit 2 Victory Park
Victory Road
Derby
DE24 8ZF
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
MGA PERFORMANCE CAR SPECIALIST LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MGA PERFORMANCE CAR SPECIALIST LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MGA PERFORMANCE CAR SPECIALIST LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MGA Performance Car Specialist Limited for the year ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the b oard of d irectors of MGA Performance Car Specialist Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MGA Performance Car Specialist Limited and state those matters that we have agreed to state to the b oard of d irectors of MGA Performance Car Specialist Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGA Performance Car Specialist Limited and its b oard of d irectors as a body for our work or for this report.

It is your duty to ensure that MGA Performance Car Specialist Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MGA Performance Car Specialist Limited. You consider that MGA Performance Car Specialist Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MGA Performance Car Specialist Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
25 September 2023
MGA PERFORMANCE CAR SPECIALIST LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
24,114
24,363
24,115
24,364
Current assets
Stocks
5
6,200
17,150
Debtors
6
13,364
11,577
Cash at bank and in hand
55,549
48,061
75,113
76,788
Creditors: amounts falling due within one year
7
(22,411)
(18,569)
Net current assets
52,702
58,219
Total assets less current liabilities
76,817
82,583
Provisions for liabilities
(4,135)
(3,031)
Net assets
72,682
79,552
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
72,482
79,352
Total equity
72,682
79,552

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MGA PERFORMANCE CAR SPECIALIST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2023 and are signed on its behalf by:
M L Gormley
Director
Company Registration No. 04278921
MGA PERFORMANCE CAR SPECIALIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

MGA Performance Car Specialist Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Victory Park, Victory Road, Derby, DE24 8ZF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

MGA PERFORMANCE CAR SPECIALIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10%.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% straight line basis
Fixtures, fittings and equipment
33% straight line basis / 15% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MGA PERFORMANCE CAR SPECIALIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
15,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
14,999
Carrying amount
At 30 June 2023
1
At 30 June 2022
1
MGA PERFORMANCE CAR SPECIALIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
30,743
15,055
8,250
54,048
Additions
5,365
407
1,024
6,796
Disposals
(1,909)
(895)
-
0
(2,804)
At 30 June 2023
34,199
14,567
9,274
58,040
Depreciation and impairment
At 1 July 2022
13,097
8,338
8,250
29,685
Depreciation charged in the year
5,050
1,782
213
7,045
Eliminated in respect of disposals
(1,909)
(895)
-
0
(2,804)
At 30 June 2023
16,238
9,225
8,463
33,926
Carrying amount
At 30 June 2023
17,961
5,342
811
24,114
At 30 June 2022
17,646
6,717
-
0
24,363
5
Stocks
2023
2022
£
£
Stocks
6,200
17,150
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,670
2,824
Other debtors
10,694
8,753
13,364
11,577
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,592
4,082
Taxation and social security
14,827
11,413
Other creditors
3,992
3,074
22,411
18,569
MGA PERFORMANCE CAR SPECIALIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary A shares of £1 each
51
51
51
51
Ordinary B shares of £1 each
49
49
49
49
200
200
200
200
9
Events after the reporting date

After the balance sheet date the following dividends have been voted;

£5,314 on ordinary A £1 shares.

10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Interest free loans repayable on demand
-
127
50,659
(50,472)
314
127
50,659
(50,472)
314
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