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Registered Number: 13236970
England and Wales

 

 

 

MG SILVER LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Temiz Associates Ltd T-A Temiz & Co Accountant
31 March 2023



....................................................
Temiz Associates Ltd T-A Temiz & Co Accountant
Chartered Public Finance Accountant
73 High Street
Gillingham
Kent
ME7 1BJ
23 December 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 10,701    11,890 
Tangible fixed assets 4 1,287    1,609 
11,988    13,499 
Current assets      
Debtors   495 
Cash at bank and in hand 13,115    8,943 
13,115    9,438 
Creditors: amount falling due within one year (23,833)   (22,479)
Net current liabilities (10,718)   (13,041)
 
Total assets less current liabilities 1,270    458 
Net assets 1,270    458 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 1,170    358 
Shareholder's funds 1,270    458 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 23 December 2023 and were signed by:


-------------------------------
Merve Gulen
Director
2
General Information
MG Silver Ltd is a private company, limited by shares, registered in England and Wales, registration number 13236970, registration address 11 Holmbridge Gardens, Enfield, London, EN3 7EY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Reducing Balance
2.

Average number of employees

During the year director was the only personell to the company.
Average number of employees during the year was 1 (2022 : 1).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2022 12,500    12,500 
Additions  
Disposals  
At 31 March 2023 12,500    12,500 
Amortisation
At 01 April 2022 610    610 
Charge for year 1,189    1,189 
On disposals  
At 31 March 2023 1,799    1,799 
Net book values
At 31 March 2023 10,701    10,701 
At 31 March 2022 11,890    11,890 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 April 2022 2,011    2,011 
Additions  
Disposals  
At 31 March 2023 2,011    2,011 
Depreciation
At 01 April 2022 402    402 
Charge for year 322    322 
On disposals  
At 31 March 2023 724    724 
Net book values
Closing balance as at 31 March 2023 1,287    1,287 
Opening balance as at 01 April 2022 1,609    1,609 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

6.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Merve Gulen20,718 19,968 (20,718)(19,968)

Company was under the control of director Merve Gulen through out the current financial year. Amount falling due from the company to Merve Gulen £20,718 (2022:19,968) During the year company issued £6000 dividend (2022:£5000)
3