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COMPANY REGISTRATION NUMBER: 06584629
MGE Automation Ltd
Filleted Unaudited Financial Statements
31 March 2023
MGE Automation Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,423
1,906
Current assets
Stocks
28,636
22,500
Debtors
6
13,878
56,265
Cash at bank and in hand
129,961
91,439
---------
---------
172,475
170,204
Creditors: amounts falling due within one year
7
68,414
57,952
---------
---------
Net current assets
104,061
112,252
---------
---------
Total assets less current liabilities
105,484
114,158
Provisions
Taxation including deferred tax
270
---------
---------
Net assets
105,214
114,158
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
105,114
114,058
---------
---------
Shareholders funds
105,214
114,158
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MGE Automation Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2023 , and are signed on behalf of the board by:
Mr M Earl
Director
Company registration number: 06584629
MGE Automation Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Commerce Business Centre, West Wilts Trading Estate, Westbury, Wiltshire, BA13 4LS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
13,723
13,723
--------
--------
Depreciation
At 1 April 2022
11,817
11,817
Charge for the year
483
483
--------
--------
At 31 March 2023
12,300
12,300
--------
--------
Carrying amount
At 31 March 2023
1,423
1,423
--------
--------
At 31 March 2022
1,906
1,906
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
5,560
45,656
Other debtors
8,318
10,609
--------
--------
13,878
56,265
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
38,640
28,796
Corporation tax
4,568
Social security and other taxes
1,805
7,786
Other creditors
23,401
21,370
--------
--------
68,414
57,952
--------
--------