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REGISTERED NUMBER: 04187886 (England and Wales)















MGS ELECTRICAL INSTALLATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023






MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


MGS ELECTRICAL INSTALLATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: D Syrett





REGISTERED OFFICE: Town Wall House
Balkerne Hill
Colchester
Essex
CO3 3AD





REGISTERED NUMBER: 04187886 (England and Wales)

MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 55,916 28,666

CURRENT ASSETS
Stocks 50,283 30,175
Debtors 5 195,099 189,471
Cash at bank and in hand 348,693 414,340
594,075 633,986
CREDITORS
Amounts falling due within one year 6 (119,262 ) (172,192 )
NET CURRENT ASSETS 474,813 461,794
TOTAL ASSETS LESS CURRENT LIABILITIES 530,729 490,460

CREDITORS
Amounts falling due after more than one
year

7

-

(9,229

)

PROVISIONS FOR LIABILITIES (10,619 ) (5,440 )
NET ASSETS 520,110 475,791

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 520,010 475,691
520,110 475,791

MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

BALANCE SHEET - continued
31 MARCH 2023


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.

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 21 November 2023 and were signed by:





D Syrett - Director


MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

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


1. STATUTORY INFORMATION

MGS Electrical Installations 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.

For the purposes of presentation the financial statements are rounded to the nearest 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 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.
Plant and machinery - 33.33% straight line
Fixtures, fittings & office equipment - 20% on reducing balance
Motor vehicles - 33.33% straight line

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.

Financial instruments
Basic financial instruments are recognised at amortised cost.

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.


MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Plant and & office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 April 2022 9,544 27,433 65,140 102,117
Additions - 976 47,981 48,957
Disposals - - (17,438 ) (17,438 )
At 31 March 2023 9,544 28,409 95,683 133,636
DEPRECIATION
At 1 April 2022 6,491 21,270 45,690 73,451
Charge for year 612 1,623 15,325 17,560
Eliminated on disposal - - (13,291 ) (13,291 )
At 31 March 2023 7,103 22,893 47,724 77,720
NET BOOK VALUE
At 31 March 2023 2,441 5,516 47,959 55,916
At 31 March 2022 3,053 6,163 19,450 28,666

MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 91,719 75,824
Amounts owed by related undertakings 75,833 75,833
Other debtors 27,547 37,814
195,099 189,471

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans 9,229 41,269
Trade creditors 65,180 80,717
Taxation and social security 26,418 23,581
Other creditors 18,435 26,625
119,262 172,192

There is a fixed and floating charge held over all property or undertaking of the company created on 11 March 2015 held by Lloyds Bank Plc.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 9,229

8. LEASING AGREEMENTS
At the Balance Sheet date the company had commitments under a non-cancellable operating leases amounting to £10,807.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 9,229 50,498

The bank loan is secured by way of fixed and floating charges over the company's assets.

10. RELATED PARTY DISCLOSURES

At the Balance Sheet date the company was owed £75,833 (2022 £75,833) from a company under common control, this is included in debtors as an amount owed by a related undertaking. The balance is interest free and repayable on demand.