Registered number
03030406
M.G.N. Fire Protection Limited
Unaudited Filleted Accounts
31 March 2023
M.G.N. Fire Protection Limited
Registered number: 03030406
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 575,165 333,649
Current assets
Stocks 112,876 178,546
Debtors 5 2,140,488 2,269,108
Cash at bank and in hand 1,136,208 1,440,614
3,389,572 3,888,268
Creditors: amounts falling due within one year 6 (1,174,291) (1,553,785)
Net current assets 2,215,281 2,334,483
Total assets less current liabilities 2,790,446 2,668,132
Creditors: amounts falling due after more than one year 7 (248,734) (229,369)
Net assets 2,541,712 2,438,763
Capital and reserves
Called up share capital 99 99
Profit and loss account 2,541,613 2,438,664
Shareholders' funds 2,541,712 2,438,763
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Monaghan
Director
Approved by the board on 27 September 2023
M.G.N. Fire Protection Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Property improvements 10% straight line
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Operating profit 2023 2022
£ £
This is stated after charging:
Directors salaries 122,648 122,649
Directors pension contributions (3 directors in pension) 0 0
Depreciation of owed fixed assets 180,103 76,358
302,751 199,007
3 Employees 2023 2022
Number Number
Directors 3 3
Management and administration 24 20
Production and operational 69 71
Average number of persons employed by the company 96 94
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 250,360 213,653 541,205 1,005,218
Additions - 11,204 526,616 537,820
Disposals - - (381,255) (381,255)
At 31 March 2023 250,360 224,857 686,566 1,161,783
Depreciation
At 1 April 2022 145,785 179,505 346,279 671,569
Charge for the year 17,430 11,338 151,335 180,103
On disposals - - (265,054) (265,054)
At 31 March 2023 163,215 190,843 232,560 586,618
Net book value
At 31 March 2023 87,145 34,014 454,006 575,165
At 31 March 2022 104,575 34,148 194,926 333,649
5 Debtors 2023 2022
£ £
Trade debtors 2,140,488 2,269,108
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 31,413 1,973
Obligations under finance lease and hire purchase contracts 60,198 28,614
Trade creditors 1,196,687 1,554,113
Taxation and social security costs (136,031) (38,946)
Other creditors 22,024 8,031
1,174,291 1,553,785
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 187,500 250,000
Obligations under finance lease and hire purchase contracts 73,672 -
Amounts owed to companies under common control (16,001) (16,001)
Director's loan account 3,563 (4,630)
248,734 229,369
Creditors: amounts falling due after one year includes loans to director's of £nil (2022 £4,630).
These are interest free loans, no terms of repayment having been fixed.
8 Employee benefits and pension commitments
Defined contribution plans and other long term employee benefits.
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.
9 Related party transactions
Rent was paid to MGN Contracts Limited of £144,000 (2022- £144,000) a company under
common control.
Within creditors: amounts falling due after one year includes amounts due from MGN Contracts Limited £16,001 (2022 - £16,001) for the hire of plant and machinery.
10 Other information
M.G.N. Fire Protection Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Fire Station
Cramlington
Northumberland
NE23 3JN
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