IRIS Accounts Production v23.3.0.418 12445702 Board of Directors Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh124457022022-03-31124457022023-03-31124457022022-04-012023-03-31124457022021-03-31124457022021-04-012022-03-31124457022022-03-3112445702ns10:Originalns15:EnglandWales2022-04-012023-03-3112445702ns14:PoundSterlingns10:Original2022-04-012023-03-3112445702ns10:Originalns10:Director12022-04-012023-03-3112445702ns10:Original2022-04-012023-03-3112445702ns10:Originalns10:Director22022-04-012023-03-3112445702ns10:Originalns10:Director32022-04-012023-03-3112445702ns10:Original2023-03-3112445702ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3112445702ns10:Originalns10:SmallEntities2022-04-012023-03-3112445702ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3112445702ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3112445702ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3112445702ns10:Originalns10:FullAccounts2022-04-012023-03-3112445702ns10:Originalns10:RegisteredOffice2022-04-012023-03-3112445702ns10:Original2022-03-3112445702ns10:Originalns5:CurrentFinancialInstruments2023-03-3112445702ns10:Originalns5:CurrentFinancialInstruments2022-03-3112445702ns10:Originalns5:Non-currentFinancialInstruments2023-03-3112445702ns10:Originalns5:Non-currentFinancialInstruments2022-03-3112445702ns5:ShareCapitalns10:Original2023-03-3112445702ns5:ShareCapitalns10:Original2022-03-3112445702ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3112445702ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3112445702ns10:Originalns5:PlantMachinery2022-04-012023-03-3112445702ns10:Original2021-04-012022-03-3112445702ns10:Originalns5:PlantMachinery2022-03-3112445702ns10:Originalns5:PlantMachinery2023-03-3112445702ns10:Originalns5:PlantMachinery2022-03-3112445702ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3112445702ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3112445702ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3112445702ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3112445702ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3112445702ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3112445702ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3112445702ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3112445702ns10:Originalns5:CurrentFinancialInstrumentsns5:FinanceLeasesns5:WithinOneYear2023-03-3112445702ns10:Originalns5:CurrentFinancialInstrumentsns5:FinanceLeasesns5:WithinOneYear2022-03-3112445702ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2023-03-3112445702ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2022-03-3112445702ns5:BetweenOneFiveYearsns10:Originalns5:FinanceLeases2023-03-3112445702ns5:BetweenOneFiveYearsns10:Originalns5:FinanceLeases2022-03-3112445702ns10:Originalns5:HirePurchaseContracts2023-03-3112445702ns10:Originalns5:HirePurchaseContracts2022-03-3112445702ns10:Originalns5:FinanceLeases2023-03-3112445702ns10:Originalns5:FinanceLeases2022-03-3112445702ns10:Originalns5:WithinOneYear2023-03-3112445702ns10:Originalns5:WithinOneYear2022-03-31
REGISTERED NUMBER: 12445702 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31st March 2023

for

MGN Drywall Ltd

MGN Drywall Ltd (Registered number: 12445702)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MGN Drywall Ltd

Company Information
for the year ended 31st March 2023







DIRECTORS: M Offredi
G Harris
N Playle





REGISTERED OFFICE: 12b Sun Street
Waltham Abbey
Essex
EN9 1EE





REGISTERED NUMBER: 12445702 (England and Wales)





ACCOUNTANTS: Apple Accounting Services Ltd
Chartered Management Accountants
12b Sun Street
Waltham Abbey
Essex
EN9 1EE

MGN Drywall Ltd (Registered number: 12445702)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,916 29,541

CURRENT ASSETS
Stocks 184,939 278,681
Debtors 5 894,935 432,240
Cash at bank 104,170 102,309
1,184,044 813,230
CREDITORS
Amounts falling due within one year 6 905,383 606,365
NET CURRENT ASSETS 278,661 206,865
TOTAL ASSETS LESS CURRENT
LIABILITIES

300,577

236,406

CREDITORS
Amounts falling due after more than one year 7 (50,774 ) (60,826 )

PROVISIONS FOR LIABILITIES (2,236 ) (2,197 )
NET ASSETS 247,567 173,383

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 247,465 173,281
247,567 173,383

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

MGN Drywall Ltd (Registered number: 12445702)

Balance Sheet - continued
31st 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 Board of Directors and authorised for issue on 3rd November 2023 and were signed on its behalf by:




G Harris - Director M Offredi - Director




N Playle - Director


MGN Drywall Ltd (Registered number: 12445702)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

MGN Drywall Ltd 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.

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.
Plant and machinery etc - 25% on reducing balance and 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

MGN Drywall Ltd (Registered number: 12445702)

Notes to the Financial Statements - continued
for the year ended 31st March 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 39,340
Additions 434
At 31st March 2023 39,774
DEPRECIATION
At 1st April 2022 9,799
Charge for year 8,059
At 31st March 2023 17,858
NET BOOK VALUE
At 31st March 2023 21,916
At 31st March 2022 29,541

MGN Drywall Ltd (Registered number: 12445702)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2022
and 31st March 2023 34,099
DEPRECIATION
At 1st April 2022 8,480
Charge for year 7,002
At 31st March 2023 15,482
NET BOOK VALUE
At 31st March 2023 18,617
At 31st March 2022 25,619

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 894,935 432,240

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,528 5,391
Hire purchase contracts and finance leases (see note 8)
4,525

4,525
Trade creditors 519,433 393,589
Taxation and social security 50,244 46,571
Other creditors 325,653 156,289
905,383 606,365

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 37,309 42,837
Hire purchase contracts and finance leases (see note 8)
13,465

17,989
50,774 60,826

MGN Drywall Ltd (Registered number: 12445702)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,765 19,873

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2023 2022 2023 2022
£    £    £    £   
Net obligations repayable:
Within one year 2,099 2,099 2,426 2,426
Between one and five years 2,624 4,722 10,841 13,267
4,723 6,821 13,267 15,693

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 5,852

9. ULTIMATE CONTROLLING PARTY

The company considers no shareholder to be the controlling party.