Registered number
07474614
MGL Marketing Limited
Filleted Accounts
31 May 2023
MGL Marketing Limited
Registered number: 07474614
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 2,406 3,695
2,406 3,695
Current assets
Debtors 5 - 18,955
Cash at bank and in hand 79 (1,920)
79 17,035
Creditors: amounts falling due within one year 6 (11,310) (19,099)
Net current liabilities (11,231) (2,064)
Total assets less current liabilities (8,825) 1,631
Net (liabilities)/assets (8,825) 1,631
Capital and reserves
Called up share capital 100 100
Profit and loss account (8,925) 1,531
Shareholders' funds (8,825) 1,631
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.
M Linnane
Director
Approved by the board on 12 February 2024
MGL Marketing Limited
Notes to the Accounts
for the year ended 31 May 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 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:
Fixtures, fittings, tools and equipment over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Directors remuneration 2023 2022
£ £
M Linnane 9,100 8,840
9,100 8,840
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures, fittings, tools and equipment Total
£ £ £ £
Cost
At 1 June 2022 - - 14,873 14,873
Additions - - 227 227
At 31 May 2023 - - 15,100 15,100
Depreciation
At 1 June 2022 - - 11,178 11,178
Charge for the year - - 1,516 1,516
At 31 May 2023 - - 12,694 12,694
Net book value
At 31 May 2023 - - 2,406 2,406
At 31 May 2022 - - 3,695 3,695
5 Debtors 2023 2022
£ £
Trade debtors - 18,955
- 18,955
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 6,680 14,410
Other creditors 4,630 4,689
11,310 19,099
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