MG Group (Professional Services) Limited 06122679 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is the provision of accounting and tax advisory services Digita Accounts Production Advanced 6.30.9574.0 true false true 06122679 2022-01-01 2022-12-31 06122679 2022-12-31 06122679 bus:OrdinaryShareClass1 2022-12-31 06122679 core:CurrentFinancialInstruments 2022-12-31 06122679 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06122679 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 06122679 core:Goodwill 2022-12-31 06122679 core:AdditionsToInvestments 2022-12-31 06122679 core:FurnitureFittings 2022-12-31 06122679 core:PreviouslyStatedAmount 2022-12-31 06122679 bus:SmallEntities 2022-01-01 2022-12-31 06122679 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 06122679 bus:FullAccounts 2022-01-01 2022-12-31 06122679 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06122679 bus:RegisteredOffice 2022-01-01 2022-12-31 06122679 bus:Director1 2022-01-01 2022-12-31 06122679 bus:Director2 2022-01-01 2022-12-31 06122679 bus:Director3 2022-01-01 2022-12-31 06122679 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06122679 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06122679 core:Goodwill 2022-01-01 2022-12-31 06122679 core:FurnitureFittings 2022-01-01 2022-12-31 06122679 core:OfficeEquipment 2022-01-01 2022-12-31 06122679 core:UKTax 2022-01-01 2022-12-31 06122679 countries:AllCountries 2022-01-01 2022-12-31 06122679 2021-12-31 06122679 core:Goodwill 2021-12-31 06122679 core:FurnitureFittings 2021-12-31 06122679 2021-01-01 2021-12-31 06122679 2021-12-31 06122679 bus:OrdinaryShareClass1 2021-12-31 06122679 core:CurrentFinancialInstruments 2021-12-31 06122679 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 06122679 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2021-12-31 06122679 core:Goodwill 2021-12-31 06122679 core:FurnitureFittings 2021-12-31 06122679 core:PreviouslyStatedAmount 2021-12-31 06122679 core:UKTax 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06122679

MG Group (Professional Services) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

MG Group (Professional Services) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

MG Group (Professional Services) Limited

Company Information

Directors

Mr Gary Fernandes

Mr Gavin Fernandes

Mrs Isabel Vaz

Registered office

166 College Road
Harrow
Middlesex
HA1 1BH

 

MG Group (Professional Services) Limited

(Registration number: 06122679)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

6

257,532

35,032

Tangible assets

7

31,410

41,904

Investments

8

1,000

-

 

289,942

76,936

Current assets

 

Debtors

9

453,823

292,916

Cash at bank and in hand

 

176,016

254,893

 

629,839

547,809

Creditors: Amounts falling due within one year

10

(682,704)

(423,307)

Net current (liabilities)/assets

 

(52,865)

124,502

Net assets

 

237,077

201,438

Capital and reserves

 

Called up share capital

12

100

100

Retained earnings

236,977

201,338

Shareholders' funds

 

237,077

201,438

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................
Mr Gavin Fernandes
Director

 

MG Group (Professional Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
166 College Road
Harrow
Middlesex
HA1 1BH
England

These financial statements were authorised for issue by the Board on 28 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MG Group (Professional Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Office equipment

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

MG Group (Professional Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2021 - 13).

 

MG Group (Professional Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £12,197 (2021 - £6,159).

Contributions totalling £2,812 (2021 - £1,262) were payable to the scheme at the end of the year and are included in creditors.

5

Taxation

Tax charged/(credited) in the profit and loss account

2022
£

2021
£

Current taxation

UK corporation tax

20,347

44,865

 

MG Group (Professional Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

476,319

476,319

Additions acquired separately

316,836

316,836

At 31 December 2022

793,155

793,155

Amortisation

At 1 January 2022

441,287

441,287

Amortisation charge

94,336

94,336

At 31 December 2022

535,623

535,623

Carrying amount

At 31 December 2022

257,532

257,532

At 31 December 2021

35,032

35,032

7

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2022

131,117

131,117

Additions

16,340

16,340

At 31 December 2022

147,457

147,457

Depreciation

At 1 January 2022

89,213

89,213

Charge for the year

26,834

26,834

At 31 December 2022

116,047

116,047

Carrying amount

At 31 December 2022

31,410

31,410

At 31 December 2021

41,904

41,904

8

Investments

2022
£

2021
£

Investments in subsidiaries

1,000

-

 

MG Group (Professional Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Subsidiaries

£

Cost or valuation

Additions

1,000

Provision

Carrying amount

At 31 December 2022

1,000

9

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

279,938

121,928

Amounts owed by related parties

11

107,201

107,201

Prepayments

 

26,821

26,821

Other debtors

 

39,863

36,966

   

453,823

292,916

10

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

69,410

36,101

Amounts owed to group undertakings and undertakings in which the company has a participating interest

352,934

184,984

Taxation and social security

174,048

116,733

Accruals and deferred income

72,153

72,153

Other creditors

14,159

13,336

682,704

423,307

11

Related party transactions

 

MG Group (Professional Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

During the year the company made the following related party transactions:

Loans to directors
At the balance sheet date the amount due from the directors was £36,957 (2021 - £36,966).

12

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100