Company Registration No. 07309790 (England and Wales)
M G M HAULAGE & RECYCLING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
M G M HAULAGE & RECYCLING LIMITED
COMPANY INFORMATION
Director
M Morgan
Company number
07309790
Registered office
53 Grange Avenue
Luton
Bedfordshire
LU4 9AS
M G M HAULAGE & RECYCLING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
M G M HAULAGE & RECYCLING LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
24,328
32,437
Current assets
Debtors
3
9,492
18,622
Cash at bank and in hand
58,540
22,799
68,032
41,421
Creditors: amounts falling due within one year
4
(111,629)
(109,843)
Net current liabilities
(43,597)
(68,422)
Total assets less current liabilities
(19,269)
(35,985)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(19,369)
(36,085)
Total equity
(19,269)
(35,985)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Director's responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 28 February 2024
M Morgan
Director
Company Registration No. 07309790
M G M HAULAGE & RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
M G M Haulage & Recycling Limited is a private company limited by shares incorporated in England and Wales. The registered office is 53 Grange Avenue, Luton, Bedfordshire, LU4 9AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
M G M HAULAGE & RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 and 31 July 2023
110,138
Depreciation and impairment
At 1 August 2022
77,701
Depreciation charged in the year
8,109
At 31 July 2023
85,810
Carrying amount
At 31 July 2023
24,328
At 31 July 2022
32,437
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,492
18,622
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
34,292
27,859
Corporation tax
2,551
Other taxation and social security
4,878
832
Other creditors
69,908
81,152
111,629
109,843
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Issued and fully paid
100 Ordinary shares of £1 each
100
100