REGISTERED NUMBER: |
MGBC LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
REGISTERED NUMBER: |
MGBC LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
MGBC LTD (REGISTERED NUMBER: 09742928) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 September 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MGBC LTD |
COMPANY INFORMATION |
for the Period 1 September 2022 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
5 Imperial Court |
Laporte Way |
Luton |
Bedfordshire |
LU4 8FE |
MGBC LTD (REGISTERED NUMBER: 09742928) |
STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up, paid and allotted share capital | 11 |
Revaluation reserve | 12 |
Capital redemption reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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. |
MGBC LTD (REGISTERED NUMBER: 09742928) |
STATEMENT OF FINANCIAL POSITION - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MGBC LTD (REGISTERED NUMBER: 09742928) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 September 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
MGBC 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. |
The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract. |
Amounts receivable on long term contracts, which are included in debtors, are stated as the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in other creditors as payments on account. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold land and buildings are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value are recognised in the revaluation reserve. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
MGBC LTD (REGISTERED NUMBER: 09742928) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 September 2022 to 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
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 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 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Construction contracts |
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extend that the amount can be measured reliably and its receipt is considered probable. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period. |
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
MGBC LTD (REGISTERED NUMBER: 09742928) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 September 2022 to 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 September 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations |
At 31 December 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 August 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 588,051 (2022 - £ 0 ) which is not depreciated. |
Cost or valuation at 31 December 2023 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | 1,611,949 | - | - | - | 1,611,949 |
Cost | 588,051 | 1,169,961 | 66,461 | 386,771 | 2,211,244 |
2,200,000 | 1,169,961 | 66,461 | 386,771 | 3,823,193 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 588,051 | - |
Value of land in freehold land and buildings | 588,051 | - |
Freehold land and buildings were valued on an open market basis on 31 December 2023 by an independent estate agent . |
MGBC LTD (REGISTERED NUMBER: 09742928) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 September 2022 to 31 December 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | (54,628 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
Investment properties were valued on an open market basis on 31 December 2023 by an independent estate agent. |
If investment properties had not been revalued they would have been included at historical cost totalling £1,574,628. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
MGBC LTD (REGISTERED NUMBER: 09742928) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 September 2022 to 31 December 2023 |
10. | SECURED DEBTS |
The bank loan/overdraft is secured by a Debenture dated the 3 November 2017 in favour of Lloyds Bank PLC, to secure banking facilities. This comprises fixed and floating charges over the undertaking as well as a negative pledge. |
The mortgage is secured by a Debenture dated the 3 July 2023 in favour of Lloyds Bank PLC, to secure banking facilities. This comprises fixed and floating charges over the undertaking as well as a negative pledge. |
11. | CALLED UP, PAID AND ALLOTTED SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
NIL | Ordinary A | £1 | - | 1 |
NIL | Ordinary B | £1 | - | 1 |
NIL | Ordinary C | £1 | - | 1 |
200 | 203 |
12. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 September 2022 | 2,982,256 |
Profit for the period |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (3 | ) | - | 3 | - |
Revaluations in year | - | 1,208,962 | - | 1,208,962 |
At 31 December 2023 | 6,284,353 |
13. | RELATED PARTY DISCLOSURES |
The directors operate loan accounts with the company. During the year, additional loans were provided to the company in aggregate of £371. At the year end, the company owed the directors £717. |