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REGISTERED NUMBER: SC447380 (Scotland)




















MG Joinery & Developments Ltd.

Unaudited Financial Statements

for the Year Ended 31 March 2023






MG Joinery & Developments Ltd. (Registered number: SC447380)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MG Joinery & Developments Ltd.

Company Information
for the Year Ended 31 March 2023







DIRECTOR: MG Urquhart



REGISTERED OFFICE: The Lighthouse
Heugh Road
North Berwick
EH39 5PX



REGISTERED NUMBER: SC447380 (Scotland)



ACCOUNTANTS: Whitelaw Wells
The Lighthouse
Heugh Road
North Berwick
EH39 5PX



BANKERS: HSBC
76 Hanover Street
Edinburgh
EH2 1EL

MG Joinery & Developments Ltd. (Registered number: SC447380)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,701 3,671

CURRENT ASSETS
Stocks 20,358 -
Debtors 5 4,084 -
Cash at bank 314,532 315,844
338,974 315,844
CREDITORS
Amounts falling due within one year 6 50,154 51,281
NET CURRENT ASSETS 288,820 264,563
TOTAL ASSETS LESS CURRENT
LIABILITIES

291,521

268,234

PROVISIONS FOR LIABILITIES 513 697
NET ASSETS 291,008 267,537

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 290,908 267,437
SHAREHOLDERS' FUNDS 291,008 267,537

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 director acknowledges his 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 Joinery & Developments Ltd. (Registered number: SC447380)

Balance Sheet - continued
31 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 director and authorised for issue on 24 July 2023 and were signed by:





M Urquhart - Director


MG Joinery & Developments Ltd. (Registered number: SC447380)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

MG Joinery & Developments Ltd. is a private company, limited by shares , registered in Scotland. 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 and revenue recognition
Revenue comprises the fair value of sale of joinery services net of VAT. Revenue is recognised as those services are provided to the customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 20% on cost

Work in progress
Work in progress includes work that are partially completed at the year end. Work in progress is calculated on a percentage of the work completed at the year end.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.


MG Joinery & Developments Ltd. (Registered number: SC447380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

MG Joinery & Developments Ltd. (Registered number: SC447380)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 11,093
Additions 1,262
At 31 March 2023 12,355
DEPRECIATION
At 1 April 2022 7,422
Charge for year 2,232
At 31 March 2023 9,654
NET BOOK VALUE
At 31 March 2023 2,701
At 31 March 2022 3,671

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,084 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 15,944 12,209
Taxation and social security 30,180 32,330
Other creditors 4,030 6,742
50,154 51,281