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COMPANY REGISTRATION NUMBER: 09423546
MDG Enterprises Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
MDG Enterprises Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
29,620
600
Current assets
Stocks
828,728
543,253
Debtors
6
203,617
184,733
Cash at bank and in hand
1,462,597
1,397,254
------------
------------
2,494,942
2,125,240
Creditors: amounts falling due within one year
7
700,693
437,128
------------
------------
Net current assets
1,794,249
1,688,112
------------
------------
Total assets less current liabilities
1,823,869
1,688,712
Provisions
Taxation including deferred tax
7,405
------------
------------
Net assets
1,816,464
1,688,712
------------
------------
MDG Enterprises Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,816,364
1,688,612
------------
------------
Shareholders funds
1,816,464
1,688,712
------------
------------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 November 2023 , and are signed on behalf of the board by:
M D Gray
Director
Company registration number: 09423546
MDG Enterprises Limited
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 company has no trading address.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Work in progress Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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. Turnover from property development is recognised by reference to the stage of completion of the contract.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity respectively. 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. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Plant and machinery
-
20% straight line
Equipment
-
20% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 April 2022
877
877
Additions
29,500
204
29,704
--------
-------
--------
At 31 March 2023
29,500
1,081
30,581
--------
-------
--------
Depreciation
At 1 April 2022
277
277
Charge for the year
492
192
684
--------
-------
--------
At 31 March 2023
492
469
961
--------
-------
--------
Carrying amount
At 31 March 2023
29,008
612
29,620
--------
-------
--------
At 31 March 2022
600
600
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
1,968
284
Other debtors
201,649
184,449
---------
---------
203,617
184,733
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,521
9,852
Social security and other taxes
36,210
14,094
Other creditors
632,962
413,182
---------
---------
700,693
437,128
---------
---------
8. Director's advances, credits and guarantees
The company operated a director's loan account which remained in credit throughout the current and previous year. No interest has been charged.