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MGS AUTOMOTIVE & RALLY LIMITED

Registered Number
SC534443
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2023

MGS AUTOMOTIVE & RALLY LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

CUNNINGHAM, Gordon

Registered Address

The Yard
Hurlford Road
Galston
KA4 8LB

Registered Number

SC534443 (Scotland)
MGS AUTOMOTIVE & RALLY LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3361,096379,655
361,096379,655
Current assets
Stocks5,0005,000
Debtors109,95865,482
Cash at bank and on hand61,20035,210
176,158105,692
Creditors amounts falling due within one year(161,986)(72,855)
Net current assets (liabilities)14,17232,837
Total assets less current liabilities375,268412,492
Creditors amounts falling due after one year(174,099)(293,046)
Net assets201,169119,446
Capital and reserves
Called up share capital100100
Profit and loss account201,069119,346
Shareholders' funds201,169119,446
The financial statements were approved and authorised for issue by the Director on 22 February 2024, and are signed on its behalf by:
CUNNINGHAM, Gordon
Director
Registered Company No. SC534443
MGS AUTOMOTIVE & RALLY LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year66
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 22543,974
Additions98,724
Disposals(54,005)
At 31 May 23588,693
Depreciation and impairment
At 01 June 22164,319
Charge for year63,278
At 31 May 23227,597
Net book value
At 31 May 23361,096
At 31 May 22379,655
4.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts69,130170,731