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REGISTERED NUMBER: 04188604 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

MG PROJECT MANAGEMENT LIMITED

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MG PROJECT MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: J R Griffiths
Mrs A Griffiths





SECRETARY: Mrs A Griffiths





REGISTERED OFFICE: First Floor
5 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW





REGISTERED NUMBER: 04188604 (England and Wales)





ACCOUNTANTS: GKP (Ampthill) Limited
Chartered Accountants
First Floor
5 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 129,806 19,956
Investment property 5 200,000 200,000
329,806 219,956

CURRENT ASSETS
Debtors 6 254,878 152,903
Cash at bank 177,852 119,686
432,730 272,589
CREDITORS
Amounts falling due within one year 7 271,010 221,978
NET CURRENT ASSETS 161,720 50,611
TOTAL ASSETS LESS CURRENT
LIABILITIES

491,526

270,567

CREDITORS
Amounts falling due after more than one
year

8

(16,337

)

-

PROVISIONS FOR LIABILITIES 9 (27,997 ) (16,040 )
NET ASSETS 447,192 254,527

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Revaluation reserve 10 63,317 68,383
Retained earnings 382,775 185,044
SHAREHOLDERS' FUNDS 447,192 254,527

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

BALANCE SHEET - continued
30 APRIL 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 Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





J R Griffiths - Director


MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

MG Project Management 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 as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Biological assets - Straight line over 20 years
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Grant income
Grant income is recognised on the accruals model. Where there are no future performance related conditions, income is recognised when the grants are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Biological Plant and and
assets machinery fittings
£    £    £   
COST
At 1 May 2022 - - 90,401
Additions 20,050 71,563 -
Disposals - - -
At 30 April 2023 20,050 71,563 90,401
DEPRECIATION
At 1 May 2022 - - 84,358
Charge for year 418 2,120 1,511
Eliminated on disposal - - -
At 30 April 2023 418 2,120 85,869
NET BOOK VALUE
At 30 April 2023 19,632 69,443 4,532
At 30 April 2022 - - 6,043

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 70,582 94,031 255,014
Additions 37,955 4,047 133,615
Disposals (28,975 ) - (28,975 )
At 30 April 2023 79,562 98,078 359,654
DEPRECIATION
At 1 May 2022 61,244 89,456 235,058
Charge for year 10,105 2,735 16,889
Eliminated on disposal (22,099 ) - (22,099 )
At 30 April 2023 49,250 92,191 229,848
NET BOOK VALUE
At 30 April 2023 30,312 5,887 129,806
At 30 April 2022 9,338 4,575 19,956

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 37,955
At 30 April 2023 37,955
DEPRECIATION
Charge for year 9,489
At 30 April 2023 9,489
NET BOOK VALUE
At 30 April 2023 28,466

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 200,000
NET BOOK VALUE
At 30 April 2023 200,000
At 30 April 2022 200,000

The investment property was revalued to £200,000 on a market value basis by the directors.

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


5. INVESTMENT PROPERTY - continued

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2023 200,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 115,577 115,577

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 204,335 145,981
Other debtors 2,119 1,913
Prepayments and accrued income 48,424 5,009
254,878 152,903

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 10,318 -
Trade creditors 94,058 25,650
Tax 47,773 4,711
Social security and other taxes 12,160 -
VAT 24,907 48,232
Directors' current accounts 73,084 133,698
Accrued expenses 8,710 9,687
271,010 221,978

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 16,337 -

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 27,997 16,040

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2022 16,040
Provided during year 5,238
Increase in tax rate 6,719
Balance at 30 April 2023 27,997

10. RESERVES
Revaluation
reserve
£   
At 1 May 2022 68,383
Property revaluation (5,066 )

At 30 April 2023 63,317