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REGISTERED NUMBER: 07437406 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

M G JOINERY CONTRACTS LIMITED

M G JOINERY CONTRACTS LIMITED (REGISTERED NUMBER: 07437406)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M G JOINERY CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr M D Garness





REGISTERED OFFICE: Lodge Farm
South Kilworth Road
Walcote
Lutterworth
LE17 4LA





REGISTERED NUMBER: 07437406 (England and Wales)





ACCOUNTANTS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

M G JOINERY CONTRACTS LIMITED (REGISTERED NUMBER: 07437406)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,000 45,000
Tangible assets 5 526,995 394,202
566,995 439,202

CURRENT ASSETS
Stocks 15,140 18,838
Debtors 6 287,408 266,846
Cash at bank 6,275 4,504
308,823 290,188
CREDITORS
Amounts falling due within one year 7 137,645 215,269
NET CURRENT ASSETS 171,178 74,919
TOTAL ASSETS LESS CURRENT LIABILITIES 738,173 514,121

CREDITORS
Amounts falling due after more than
one year

8

(124,328

)

(104,178

)

PROVISIONS FOR LIABILITIES (57,716 ) (26,488 )
NET ASSETS 556,129 383,455

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 556,128 383,454
556,129 383,455

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

M G JOINERY CONTRACTS LIMITED (REGISTERED NUMBER: 07437406)

BALANCE SHEET - continued
31 MARCH 2023


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 director and authorised for issue on 13 October 2023 and were signed by:





Mr M D Garness - Director


M G JOINERY CONTRACTS LIMITED (REGISTERED NUMBER: 07437406)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

M G Joinery Contracts 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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.


M G JOINERY CONTRACTS LIMITED (REGISTERED NUMBER: 07437406)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
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.

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.

Going concern
The accounts have been prepared on a going concern basis, this assumes that fund will be made available by the company director and creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 100,000
AMORTISATION
At 1 April 2022 55,000
Amortisation for year 5,000
At 31 March 2023 60,000
NET BOOK VALUE
At 31 March 2023 40,000
At 31 March 2022 45,000

M G JOINERY CONTRACTS LIMITED (REGISTERED NUMBER: 07437406)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Property Plant and and
Improvements machinery fittings
£    £    £   
COST
At 1 April 2022 254,496 193,972 3,152
Additions 11,667 55,120 67,026
At 31 March 2023 266,163 249,092 70,178
DEPRECIATION
At 1 April 2022 - 93,911 788
Charge for year - 18,034 6,782
At 31 March 2023 - 111,945 7,570
NET BOOK VALUE
At 31 March 2023 266,163 137,147 62,608
At 31 March 2022 254,496 100,061 2,364

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 55,677 10,859 518,156
Additions 31,624 2,565 168,002
At 31 March 2023 87,301 13,424 686,158
DEPRECIATION
At 1 April 2022 25,399 3,856 123,954
Charge for year 7,707 2,686 35,209
At 31 March 2023 33,106 6,542 159,163
NET BOOK VALUE
At 31 March 2023 54,195 6,882 526,995
At 31 March 2022 30,278 7,003 394,202

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 162,990 255,754
Other debtors 118,727 1,000
Tax - 6,401
Prepayments and accrued income 5,691 3,691
287,408 266,846

M G JOINERY CONTRACTS LIMITED (REGISTERED NUMBER: 07437406)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 22,952 20,946
Trade creditors 37,618 41,970
Corporation tax 44,892 26,019
Social security and other taxes 5,676 21,600
Wages control - 612
VAT 20,808 61,574
Other creditors 5,699 42,548
137,645 215,269

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 39,815 45,370
Hire purchase contracts 84,285 28,179
Directors' loan accounts 228 30,629
124,328 104,178

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 107,237 49,125

Secured against the asset they relate to.

10. RELATED PARTY DISCLOSURES

Included in creditors over 1 year is a loan from the director of £227 (2022 £30,629). This loan is interest free and is classified as a long term liability. The director will give 12 months notice if the loan is to be recalled. No notice had been delivered to the company at the date of signing these accounts.

The company occupies land owned by the director for which they pay rent of £56,115 (2022 £62,620).