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REGISTERED NUMBER: 09244868 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023

FOR

MG ARTS

MG ARTS (REGISTERED NUMBER: 09244868)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MG ARTS

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTOR: Ms M Gurina





REGISTERED OFFICE: c/o CBHC Ltd, Suite 3
First Floor
Church Lane
Chelmsford
Essex
CM1 1NH





REGISTERED NUMBER: 09244868 (England and Wales)





ACCOUNTANTS: CBHC Limited
Suite 3, Steeple House
Church Lane
Chelmsford
Essex
CM1 1NH

MG ARTS (REGISTERED NUMBER: 09244868)

BALANCE SHEET
31ST OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 233

CURRENT ASSETS
Cash at bank 42,307 36,648

CREDITORS
Amounts falling due within one year 5 (7,478 ) (7,863 )
NET CURRENT ASSETS 34,829 28,785
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,829

29,018

PROVISIONS FOR LIABILITIES - (44 )
NET ASSETS 34,829 28,974

RESERVES
Income and expenditure account 34,829 28,974
34,829 28,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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 surplus or deficit 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.

MG ARTS (REGISTERED NUMBER: 09244868)

BALANCE SHEET - continued
31ST OCTOBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28th February 2024 and were signed by:





Ms M Gurina - Director


MG ARTS (REGISTERED NUMBER: 09244868)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023


1. STATUTORY INFORMATION

Mg Arts is a private company, limited by guarantee , 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Computer Equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

MG ARTS (REGISTERED NUMBER: 09244868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st November 2022
and 31st October 2023 818
DEPRECIATION
At 1st November 2022 585
Charge for year 233
At 31st October 2023 818
NET BOOK VALUE
At 31st October 2023 -
At 31st October 2022 233

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 1,398 1,341
Other creditors 6,080 6,522
7,478 7,863

6. RELATED PARTY DISCLOSURES

At the balance sheet date MG Arts owed M Gurina £4,946 (2022: £5,346).