2022-11-01 04945119 2023-10-31 04945119 2022-11-01 2023-10-31 04945119 2022-10-31 04945119 2021-11-01 2022-10-31 04945119 uk-core:WithinOneYear 2022-10-31 04945119 uk-core:WithinOneYear 2023-10-31 04945119 uk-core:AfterOneYear 2022-10-31 04945119 uk-core:AfterOneYear 2023-10-31 04945119 uk-core:ShareCapital 2023-10-31 04945119 uk-core:ShareCapital 2022-10-31 04945119 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 04945119 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 04945119 uk-bus:Director1 2022-11-01 2023-10-31 04945119 uk-core:NetGoodwill 2022-11-01 2023-10-31 04945119 uk-core:PlantMachinery 2022-11-01 2023-10-31 04945119 uk-core:MotorVehicles 2022-11-01 2023-10-31 04945119 uk-core:Goodwill 2022-10-31 04945119 uk-core:Goodwill 2023-10-31 04945119 uk-core:MotorVehicles 2022-10-31 04945119 uk-core:PlantMachinery 2022-10-31 04945119 uk-core:PlantMachinery 2023-10-31 04945119 uk-core:MotorVehicles 2023-10-31 04945119 uk-core:WithinOneYear 2023-10-31 04945119 uk-core:WithinOneYear 2022-10-31 04945119 uk-core:AfterOneYear uk-core:Secured 2023-10-31 04945119 uk-core:AfterOneYear uk-core:Secured 2022-10-31 iso4217:GBP xbrli:pure 04945119 uk-bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04945119 uk-bus:FRS102 2022-11-01 2023-10-31 04945119 uk-bus:FilletedAccounts 2022-11-01 2023-10-31 04945119 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31
MG Electrical Contractors Limited
Registered Number:04945119
For the year ended 31 October 2023
England and Wales
Unaudited Financial Statements
2
Registered Number :
04945119
As at 31 October 2023
MG Electrical Contractors Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
26,460
10,335
3
26,460
10,335
Current assets
Inventories
1,000
15,000
4
Trade and other receivables
66,355
52,767
5
467
Cash and cash equivalents
886
68,653
67,822
Trade and other payables: amounts falling due within one
year
(25,644)
(38,514)
6
42,178
30,139
Net current assets
Total assets less current liabilities
56,599
52,513
Trade and other payables: amounts falling due after more
than one year
(13,750)
(8,750)
7
47,849
Net assets
38,763
Capital and reserves
Called up share capital
2
2
Retained earnings
47,847
38,761
47,849
38,763
Shareholders' funds
For the year ended 31 October 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
David Wood Director
These financial statements were approved and authorised for issue by the Board on 15 March 2024 and were signed by:
The notes form part of these financial statements
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For the year ended 31 October 2023
MG Electrical Contractors Limited
Notes to the Financial Statements
Statutory Information
MG Electrical Contractors Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 04945119.
Registered address:
11 Spring Street
Slaithwaite
Huddersfield
HD7 5HN
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover represents amounts receivable for services. Amounts receivable for services performed over time are based upon the stage of completion of the services performed.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of 5 years.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
15% Reducing balance
25% Reducing balance
Motor vehicles
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Hire purchase and leasing commitments
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
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For the year ended 31 October 2023
MG Electrical Contractors Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 November 2022
20,000
At 31 October 2023
20,000
Amortisation
At 01 November 2022
20,000
At 31 October 2023
20,000
Net book value
At 31 October 2023
-
At 31 October 2022
-
3. Property, plant and equipment
Total
Motor vehicles
Plant and
machinery
£
£
£
Cost or
valuation
At 01 November 2022
35,456
26,645
8,811
25,105
25,105
-
Additions
(12,645)
-
Disposals
(12,645)
At 31 October 2023
8,811
39,105
47,916
Provision for depreciation and impairment
At 01 November 2022
25,121
18,107
7,014
Charge for year
8,580
8,310
270
(12,245)
(12,245)
-
On disposal
At 31 October 2023
21,456
14,172
7,284
At 31 October 2023
Net book value
1,527
24,933
26,460
At 31 October 2022
1,797
8,538
10,335
4. Inventories
2022
2023
£
£
Stocks
15,000
1,000
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For the year ended 31 October 2023
MG Electrical Contractors Limited
Notes to the Financial Statements Continued
5. Trade and other receivables
2022
2023
£
£
Trade debtors
38,723
47,274
Prepayments and accrued income
1,396
1,974
Amounts owed by directors
-
6,497
Taxation and social security
12,648
10,610
66,355
52,767
6. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
5,000
5,000
Taxation and social security
-
14,421
Accruals and deferred income
2,757
6,223
Directors' loan accounts
30,757
-
38,514
25,644
7. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
8,750
13,750
8. Average number of persons employed
During the year the average number of employees was 4 (2022 : 4)
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