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REGISTERED NUMBER: SC509805 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

M G CARPETS LTD

M G CARPETS LTD (REGISTERED NUMBER: SC509805)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M G CARPETS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr M A Grant
Mrs A L Grant



REGISTERED OFFICE: 34 Beachen Court
Grantown on Spey
Moray
PH26 3JD



REGISTERED NUMBER: SC509805 (Scotland)



ACCOUNTANTS: Ross + Co Accountancy Limited
31 Strathspey Avenue
Aviemore
PH22 1SN



BANKERS: TSB
2-4 Inglis Street
Inverness
IV1 1HN

M G CARPETS LTD (REGISTERED NUMBER: SC509805)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,475 3,575
Tangible assets 5 13,062 17,326
15,537 20,901

CURRENT ASSETS
Stocks 12,000 12,000
Debtors 6 12,572 8,315
Cash at bank 10,374 10,953
34,946 31,268
CREDITORS
Amounts falling due within one year 7 40,830 36,901
NET CURRENT LIABILITIES (5,884 ) (5,633 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,653 15,268

CREDITORS
Amounts falling due after more than one
year

8

(4,792

)

(7,292

)

PROVISIONS FOR LIABILITIES 9 (2,482 ) (3,292 )
NET ASSETS 2,379 4,684

CAPITAL AND RESERVES
Allotted, called up and fully paid share
capital

10

100

100
Profit and loss account - distributable 2,279 4,584
SHAREHOLDERS' FUNDS 2,379 4,684

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

M G CARPETS LTD (REGISTERED NUMBER: SC509805)

BALANCE SHEET - continued
31 JULY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:




Mr M A Grant - Director



Mrs A L Grant - Director


M G CARPETS LTD (REGISTERED NUMBER: SC509805)

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


1. STATUTORY INFORMATION

M G Carpets Ltd is a private company, limited by shares , registered in Scotland. 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.

The financial statements have been prepared under the going concern basis as in the opinion of the directors there is adequate finance available to the company in order to continue in operation for the foreseeable future.

TURNOVER
Turnover represents net invoiced sales of services and goods, excluding value added tax.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tools & equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

M G CARPETS LTD (REGISTERED NUMBER: SC509805)

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


2. ACCOUNTING POLICIES - continued

DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR
Debtors and creditors with no stated interest and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 11,000
AMORTISATION
At 1 August 2022 7,425
Charge for year 1,100
At 31 July 2023 8,525
NET BOOK VALUE
At 31 July 2023 2,475
At 31 July 2022 3,575

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 23,203
DEPRECIATION
At 1 August 2022 5,877
Charge for year 4,264
At 31 July 2023 10,141
NET BOOK VALUE
At 31 July 2023 13,062
At 31 July 2022 17,326

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,572 8,302
Other debtors - 13
12,572 8,315

M G CARPETS LTD (REGISTERED NUMBER: SC509805)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,500 2,500
Trade creditors 11,304 12,131
Taxation and social security 8,551 5,655
Other creditors 18,475 16,615
40,830 36,901

Included in other creditors is a loan from the directors, Mr & Mrs Grant. At the balance sheet date this loan amounted to £5,694 (2022: £15,814). The loan is granted free of interest and is repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 4,792 7,292

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,482 3,292

Deferred
tax
£   
Balance at 1 August 2022 3,292
Provided during year (810 )
Balance at 31 July 2023 2,482

10. ALLOTTED, CALLED UP AND FULLY PAID SHARE CAPITAL

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

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the Directors, Mr M A Grant and Mrs A L Grant, by virtue of their equal ownership of the issued Ordinary Share Capital.