Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31false2021-08-01provision of construction services44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC347540 2021-08-01 2023-01-31 OC347540 2020-08-01 2021-07-31 OC347540 2023-01-31 OC347540 2021-07-31 OC347540 2020-08-01 OC347540 c:MotorVehicles 2021-08-01 2023-01-31 OC347540 c:MotorVehicles 2023-01-31 OC347540 c:MotorVehicles 2021-07-31 OC347540 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2021-08-01 2023-01-31 OC347540 c:CurrentFinancialInstruments 2023-01-31 OC347540 c:CurrentFinancialInstruments 2021-07-31 OC347540 c:Non-currentFinancialInstruments 2023-01-31 OC347540 c:Non-currentFinancialInstruments 2021-07-31 OC347540 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-31 OC347540 c:CurrentFinancialInstruments c:WithinOneYear 2021-07-31 OC347540 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-31 OC347540 c:Non-currentFinancialInstruments c:AfterOneYear 2021-07-31 OC347540 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-01-31 OC347540 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2021-07-31 OC347540 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-01-31 OC347540 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2021-07-31 OC347540 c:OtherMiscellaneousReserve 2021-08-01 2023-01-31 OC347540 c:OtherMiscellaneousReserve 2023-01-31 OC347540 c:OtherMiscellaneousReserve 2020-08-01 2021-07-31 OC347540 c:OtherMiscellaneousReserve 2021-07-31 OC347540 c:OtherMiscellaneousReserve 2020-08-01 OC347540 c:RetainedEarningsAccumulatedLosses 2021-08-01 2023-01-31 OC347540 c:RetainedEarningsAccumulatedLosses 2023-01-31 OC347540 c:RetainedEarningsAccumulatedLosses 2020-08-01 2021-07-31 OC347540 c:RetainedEarningsAccumulatedLosses 2021-07-31 OC347540 c:RetainedEarningsAccumulatedLosses 2020-08-01 OC347540 d:FRS102 2021-08-01 2023-01-31 OC347540 d:AuditExempt-NoAccountantsReport 2021-08-01 2023-01-31 OC347540 d:FullAccounts 2021-08-01 2023-01-31 OC347540 d:LimitedLiabilityPartnershipLLP 2021-08-01 2023-01-31 OC347540 c:WithinOneYear 2023-01-31 OC347540 c:WithinOneYear 2021-07-31 OC347540 c:BetweenOneFiveYears 2023-01-31 OC347540 c:BetweenOneFiveYears 2021-07-31 OC347540 d:PartnerLLP3 2021-08-01 2023-01-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-08-01 2023-01-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-01-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2020-08-01 2021-07-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-07-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2020-08-01 OC347540 c:FurtherSpecificReserve2ComponentTotalEquity 2023-01-31 OC347540 c:FurtherSpecificReserve2ComponentTotalEquity 2021-07-31 OC347540 c:FurtherSpecificReserve3ComponentTotalEquity 2023-01-31 OC347540 c:FurtherSpecificReserve3ComponentTotalEquity 2021-07-31 iso4217:GBP xbrli:pure

Registered number: OC347540










MGS CONSTRUCTION (UK) LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2023

 
MGS CONSTRUCTION (UK) LLP
REGISTERED NUMBER: OC347540

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

31 January
31 July
2023
2021
£
£

Fixed assets
  

Tangible assets
 4 
20,309
27,080

  
20,309
27,080

Current assets
  

Stocks
  
62,746
78,574

Debtors: amounts falling due within one year
 5 
2,821
29,146

Cash at bank and in hand
  
30,226
134,370

  
95,793
242,090

Creditors: Amounts Falling Due Within One Year
 6 
(141,569)
(249,527)

Net current liabilities
  
 
 
(45,776)
 
 
(7,437)

Total assets less current liabilities
  
(25,467)
19,643

Creditors: amounts falling due after more than one year
 7 
(23,333)
(75,839)

  
(48,800)
(56,196)

  

Net liabilities
  
(48,800)
(56,196)


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
(724,774)
(629,069)

  
(724,774)
(629,069)

Members' other interests
  

Members' capital classified as equity
  
675,975
572,874

Other reserves classified as equity
  
(1)
(1)

  
 
675,974
 
572,873

  
(48,800)
(56,196)


Total members' interests
  

Loans and other debts due to members
  
(724,774)
(629,069)

Members' other interests
  
675,974
572,873

  
(48,800)
(56,196)


Page 1

 
MGS CONSTRUCTION (UK) LLP
REGISTERED NUMBER: OC347540
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 31 October 2023.




M R Jones
Designated member

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
MGS CONSTRUCTION (UK) LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2023


Members capital (classified as equity)
Other reserves
Retained earnings
Total equity

£
£
£
£

At 1 August 2021
572,874
(1)
(1)
572,872


Comprehensive income for the period

Loss for period for discretionary division among members

-
(1)
-
(1)


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
(1)
-
(1)


Contributions by and distributions to members

Capital introduced by members
103,101
-
-
103,101


Total transactions with members
103,101
-
-
103,101


At 31 January 2023
675,975
(2)
(1)
675,972

The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
MGS CONSTRUCTION (UK) LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2021


Members capital (classified as equity)
Other reserves
Retained earnings
Total equity

£
£
£
£

At 1 August 2020
570,787
(1)
(1)
570,785


Comprehensive income for the year


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
-
-


Contributions by and distributions to members

Capital introduced by members
2,087
-
-
2,087


Total transactions with members
2,087
-
-
2,087


At 31 July 2021
572,874
(1)
(1)
572,872


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships". 
 
At 31st January 2023 the entity had net liabilities of £48,800.  The entity is reliant on the support of its members.  It is the intention of the members to support the entity and therefore these accounts have been prepared on a going concern basis.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

1.Accounting policies (continued)

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
1.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in.

 
1.7

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

1.Accounting policies (continued)

 
1.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.12

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each
Page 7

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

1.Accounting policies (continued)


1.12
Financial instruments (continued)

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


2.


General information

MGS Construction (UK) LLP is a limited liability partnership registered in England.
Its registered number is: OC347540
Its Registered Office is: 
First Floor
28 Whitehorse Street
Baldock
Hertfordshire
SG7 6QQ


3.


Employees

The average monthly number of employees, including directors, during the period was 4 (2021 - 4).

Page 8

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

4.


Tangible fixed assets







Motor vehicles

£



Cost or valuation


At 1 August 2021
64,188



At 31 January 2023

64,188



Depreciation


At 1 August 2021
37,109


Charge for the period on financed assets
6,770



At 31 January 2023

43,879



Net book value



At 31 January 2023
20,309



At 31 July 2021
27,080


5.


Debtors

31 January
31 July
2023
2021
£
£


Trade debtors
2,821
29,146

2,821
29,146


Page 9

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

6.


Creditors: Amounts falling due within one year

31 January
31 July
2023
2021
£
£

Bank loans
10,000
10,000

Payments received on account
41,877
27,637

Trade creditors
44,461
165,030

Other taxation and social security
41,131
36,044

Obligations under finance lease and hire purchase contracts
-
6,716

Accruals and deferred income
4,100
4,100

141,569
249,527



7.


Creditors: Amounts falling due after more than one year

31 January
31 July
2023
2021
£
£

Bank loans
23,333
38,333

Net obligations under finance leases and hire purchase contracts
-
37,505

23,333
75,838


Page 10

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

8.


Loans


Analysis of the maturity of loans is given below:


31 January
31 July
2023
2021
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
13,333
28,333


13,333
28,333


33,333
48,333


Page 11

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

9.


Reconciliation of members' interests 







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due to members
(629,069)
(629,069)

Members' interests after profit for the period
572,874
(1)
572,873
(629,069)
(629,069)
(56,196)

Other division of profits
-
-
-
69,823
69,823
69,823

Amounts introduced by members
103,101
-
103,101
-
-
103,101

Drawings
-
-
-
(165,528)
(165,528)
(165,528)

Amounts due to members
(724,774)
(724,774)

Balance at 31 January 2023 
675,975
(1)
675,974
(724,774)
(724,774)
(48,800)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.



Page 12

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

10.


Commitments under operating leases

At 31 January 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 January
31 July
2023
2021
£
£


Not later than 1 year
13,889
13,889

Later than 1 year and not later than 5 years
9,156
23,045

23,045
36,934

 
Page 13