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REGISTERED NUMBER: 10645830 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MGEAR OPERATIVES LIMITED

MGEAR OPERATIVES LIMITED (REGISTERED NUMBER: 10645830)






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


MGEAR OPERATIVES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: S Bradshaw





REGISTERED OFFICE: 30 - 34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: 10645830 (England and Wales)





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

MGEAR OPERATIVES LIMITED (REGISTERED NUMBER: 10645830)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 62,135 45,508
62,135 45,508

CURRENT ASSETS
Debtors 6 182,925 133,898
Cash at bank - 23,843
182,925 157,741
CREDITORS
Amounts falling due within one year 7 (156,962 ) (140,331 )
NET CURRENT ASSETS 25,963 17,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,098

62,918

CREDITORS
Amounts falling due after more than one
year

8

(74,893

)

(57,075

)

PROVISIONS FOR LIABILITIES (12,756 ) (5,664 )
NET ASSETS 449 179

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 349 79
SHAREHOLDERS' FUNDS 449 179

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.

MGEAR OPERATIVES LIMITED (REGISTERED NUMBER: 10645830)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2023 and were signed by:





S Bradshaw - Director


MGEAR OPERATIVES LIMITED (REGISTERED NUMBER: 10645830)

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

1. STATUTORY INFORMATION

Mgear Operatives 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business is being amortised evenly over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Grants are accounted under the accruals model as permitted by FRS 102.

Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only 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.


MGEAR OPERATIVES LIMITED (REGISTERED NUMBER: 10645830)

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

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 20,000
AMORTISATION
At 1 April 2022
and 31 March 2023 20,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

MGEAR OPERATIVES LIMITED (REGISTERED NUMBER: 10645830)

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

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 44,766 38,230 1,368 84,364
Additions - 46,588 - 46,588
Disposals - (22,990 ) - (22,990 )
At 31 March 2023 44,766 61,828 1,368 107,962
DEPRECIATION
At 1 April 2022 30,097 7,391 1,368 38,856
Charge for year 3,667 4,741 - 8,408
Eliminated on disposal - (1,437 ) - (1,437 )
At 31 March 2023 33,764 10,695 1,368 45,827
NET BOOK VALUE
At 31 March 2023 11,002 51,133 - 62,135
At 31 March 2022 14,669 30,839 - 45,508

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 22,990
Additions 46,588
Disposals (22,990 )
At 31 March 2023 46,588
DEPRECIATION
At 1 April 2022 1,437
Charge for year 2,420
Eliminated on disposal (1,437 )
At 31 March 2023 2,420
NET BOOK VALUE
At 31 March 2023 44,168
At 31 March 2022 21,553

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 136,596 61,698
Other debtors 46,329 72,200
182,925 133,898

MGEAR OPERATIVES LIMITED (REGISTERED NUMBER: 10645830)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,822 5,108
Hire purchase contracts 7,658 3,006
Trade creditors (2,846 ) (2,547 )
Taxation and social security 78,423 90,920
Other creditors 52,905 43,844
156,962 140,331

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 37,854 43,205
Hire purchase contracts 37,039 13,870
74,893 57,075

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 14,076 20,431

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary A 1 50 50
50 Ordinary B 1 50 50
100 100

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
S Bradshaw
Balance outstanding at start of year 60,301 37,556
Amounts advanced 118,363 67,651
Amounts repaid (139,422 ) (44,906 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,242 60,301

MGEAR OPERATIVES LIMITED (REGISTERED NUMBER: 10645830)

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

11. GOVERNMENT GRANTS

Grants of a revenue nature are recognised in 'other income' within profit or loss in the same period as the related expenditure.

Grants recieved in this period consist of the following;

2023 2022
£ £
Bounceback loan interest - 104
- 104



The above grant has been brought in on an accruals basis and disclosed as other income. The interest grant on the bounceback loan is for a 12 month period from the date the loan was received 08/05/2020.
The interest has been charged on the bounceback loan of £50,000 at 2.5%.