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REGISTERED NUMBER: 06379044 (England and Wales)









Unaudited Financial Statements

for the Year Ended 30 September 2023

for

MGM GENERAL SERVICES LIMITED

MGM GENERAL SERVICES LIMITED (REGISTERED NUMBER: 06379044)

Contents of the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MGM GENERAL SERVICES LIMITED

Company Information
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTOR: M Mills





REGISTERED OFFICE: Bath House
6-8 Bath Street
Redcliffe
Bristol
BS1 6HL





REGISTERED NUMBER: 06379044 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

MGM GENERAL SERVICES LIMITED (REGISTERED NUMBER: 06379044)

Balance Sheet
30 SEPTEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 184,584 159,964
184,584 159,964

CURRENT ASSETS
Stocks 13,120 17,171
Debtors 6 224,428 232,601
Cash at bank 850,061 752,264
1,087,609 1,002,036
CREDITORS
Amounts falling due within one year 7 (212,709 ) (263,366 )
NET CURRENT ASSETS 874,900 738,670
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,059,484

898,634

PROVISIONS FOR LIABILITIES (35,134 ) (39,991 )
NET ASSETS 1,024,350 858,643

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,024,349 858,642
1,024,350 858,643

MGM GENERAL SERVICES LIMITED (REGISTERED NUMBER: 06379044)

Balance Sheet - continued
30 SEPTEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 20 February 2024 and were signed by:





M Mills - Director


MGM GENERAL SERVICES LIMITED (REGISTERED NUMBER: 06379044)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. COMPANY INFORMATION

MGM General Services 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on deliver of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from general services is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill
Goodwill, being the amounts paid in connection with the acquisition of businesses in 2007 and 2010, has now been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Not depreciated
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

MGM GENERAL SERVICES LIMITED (REGISTERED NUMBER: 06379044)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents
Cash and cash equivalents 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.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MGM GENERAL SERVICES LIMITED (REGISTERED NUMBER: 06379044)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis where this is not materially different to the sum of the digits basis. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 176,555
AMORTISATION
At 1 October 2022
and 30 September 2023 176,555
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 -

MGM GENERAL SERVICES LIMITED (REGISTERED NUMBER: 06379044)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 October 2022 26,053 306,948 30,696
Additions - 4,858 -
Disposals - (62,723 ) (11,045 )
At 30 September 2023 26,053 249,083 19,651
DEPRECIATION
At 1 October 2022 - 256,833 27,105
Charge for year - 6,507 397
Eliminated on disposal - (33,777 ) (10,096 )
At 30 September 2023 - 229,563 17,406
NET BOOK VALUE
At 30 September 2023 26,053 19,520 2,245
At 30 September 2022 26,053 50,115 3,591

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2022 141,689 23,938 529,324
Additions 165,046 2,392 172,296
Disposals (77,000 ) (13,051 ) (163,819 )
At 30 September 2023 229,735 13,279 537,801
DEPRECIATION
At 1 October 2022 67,463 17,959 369,360
Charge for year 44,119 3,646 54,669
Eliminated on disposal (14,201 ) (12,738 ) (70,812 )
At 30 September 2023 97,381 8,867 353,217
NET BOOK VALUE
At 30 September 2023 132,354 4,412 184,584
At 30 September 2022 74,226 5,979 159,964

MGM GENERAL SERVICES LIMITED (REGISTERED NUMBER: 06379044)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 157,855 175,933
Other debtors - 105
Prepayments and accrued income 66,573 56,563
224,428 232,601

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 105,601 136,986
Tax 45,948 37,884
Social security and other taxes 8,164 6,273
VAT 26,401 48,695
Other creditors 21,119 16,510
Wages creditor - 4,515
Staff pensions 287 199
Directors' current accounts 767 245
Accrued expenses 4,422 12,059
212,709 263,366

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 65,875 58,239
Between one and five years 85,967 81,387
151,842 139,626