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REGISTERED NUMBER: 05213450 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MG ELECTRICAL SERVICES (UK) LIMITED

MG ELECTRICAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 05213450)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MG ELECTRICAL SERVICES (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M A Garguilo
N Garguilo





REGISTERED OFFICE: 3rd Floor
21 Perrymount Road
Haywards Heath
West Sussex
RH16 3TP





REGISTERED NUMBER: 05213450 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

MG ELECTRICAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 05213450)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,131 1,546
1,131 1,546

CURRENT ASSETS
Debtors 6 13,407 10,827
Cash at bank 25,243 21,786
38,650 32,613
CREDITORS
Amounts falling due within one year 7 11,372 17,223
NET CURRENT ASSETS 27,278 15,390
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,409

16,936

PROVISIONS FOR LIABILITIES 8 229 294
NET ASSETS 28,180 16,642

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 28,080 16,542
SHAREHOLDERS' FUNDS 28,180 16,642

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 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.

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 27 October 2023 and were signed on its behalf by:





M A Garguilo - Director


MG ELECTRICAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 05213450)

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


1. STATUTORY INFORMATION

MG Electrical Services (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents revenue recognised in the accounts excluding value added tax. Turnover from services is recognised based on stage of completion, as those services are provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten 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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3% straight line

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

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 ELECTRICAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 05213450)

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


2. 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 8,200
AMORTISATION
At 1 April 2022
and 31 March 2023 8,200
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022
and 31 March 2023 374 412 12,295 2,289 15,370
DEPRECIATION
At 1 April 2022 371 404 10,871 2,178 13,824
Charge for year 1 2 356 56 415
At 31 March 2023 372 406 11,227 2,234 14,239
NET BOOK VALUE
At 31 March 2023 2 6 1,068 55 1,131
At 31 March 2022 3 8 1,424 111 1,546

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,150 8,795
Other debtors 2,257 2,032
13,407 10,827

MG ELECTRICAL SERVICES (UK) LIMITED (REGISTERED NUMBER: 05213450)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 8,454 8,629
Other creditors 2,918 8,594
11,372 17,223

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 229 294

Deferred
tax
£   
Balance at 1 April 2022 294
Movement in year (65 )
Balance at 31 March 2023 229