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REGISTERED NUMBER: 09742928 (England and Wales)














MGBC LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2022 TO 31 DECEMBER 2023






MGBC LTD (REGISTERED NUMBER: 09742928)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 September 2022 to 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MGBC LTD

COMPANY INFORMATION
for the Period 1 September 2022 to 31 December 2023







DIRECTORS: S McGuinness
D McGuinness
K M McGuinness





REGISTERED OFFICE: 5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE





REGISTERED NUMBER: 09742928 (England and Wales)





ACCOUNTANTS: Miller & Co
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

MGBC LTD (REGISTERED NUMBER: 09742928)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,260,412 800,815
Investment property 6 1,520,000 -
4,780,412 800,815

CURRENT ASSETS
Debtors 7 2,301,191 2,862,071
Cash at bank 3,058,486 1,508,390
5,359,677 4,370,461
CREDITORS
Amounts falling due within one year 8 2,222,598 1,610,703
NET CURRENT ASSETS 3,137,079 2,759,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,917,491

3,560,573

CREDITORS
Amounts falling due after more than one
year

9

(978,505

)

(425,959

)

PROVISIONS FOR LIABILITIES (654,433 ) (152,155 )
NET ASSETS 6,284,553 2,982,459

CAPITAL AND RESERVES
Called up, paid and allotted share capital 11 200 203
Revaluation reserve 12 1,208,962 -
Capital redemption reserve 12 3 -
Retained earnings 12 5,075,388 2,982,256
SHAREHOLDERS' FUNDS 6,284,553 2,982,459

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MGBC LTD (REGISTERED NUMBER: 09742928)

STATEMENT OF FINANCIAL POSITION - continued
31 December 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 Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





K M McGuinness - Director


MGBC LTD (REGISTERED NUMBER: 09742928)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 September 2022 to 31 December 2023

1. STATUTORY INFORMATION

MGBC 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.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Amounts receivable on long term contracts, which are included in debtors, are stated as the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in other creditors as payments on account.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold land and buildings are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value are recognised in the revaluation reserve.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


MGBC LTD (REGISTERED NUMBER: 09742928)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extend that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2022 - 5 ) .

MGBC LTD (REGISTERED NUMBER: 09742928)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 September 2022 - 946,457 41,767 208,279 1,196,503
Additions 588,051 432,590 24,694 430,802 1,476,137
Disposals - (209,086 ) - (252,310 ) (461,396 )
Revaluations 1,611,949 - - - 1,611,949
At 31 December 2023 2,200,000 1,169,961 66,461 386,771 3,823,193
DEPRECIATION
At 1 September 2022 - 310,680 22,590 62,418 395,688
Charge for period - 239,872 13,392 45,548 298,812
Eliminated on disposal - (118,356 ) - (13,363 ) (131,719 )
At 31 December 2023 - 432,196 35,982 94,603 562,781
NET BOOK VALUE
At 31 December 2023 2,200,000 737,765 30,479 292,168 3,260,412
At 31 August 2022 - 635,777 19,177 145,861 800,815

Included in cost or valuation of land and buildings is freehold land of £ 588,051 (2022 - £ 0 ) which is not depreciated.

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2023 1,611,949 - - - 1,611,949
Cost 588,051 1,169,961 66,461 386,771 2,211,244
2,200,000 1,169,961 66,461 386,771 3,823,193

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 588,051 -

Value of land in freehold land and buildings 588,051 -

Freehold land and buildings were valued on an open market basis on 31 December 2023 by an independent estate agent .

MGBC LTD (REGISTERED NUMBER: 09742928)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 31 December 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 1,574,628
Revaluations (54,628 )
At 31 December 2023 1,520,000
NET BOOK VALUE
At 31 December 2023 1,520,000

Investment properties were valued on an open market basis on 31 December 2023 by an independent estate agent.

If investment properties had not been revalued they would have been included at historical cost totalling £1,574,628.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 890,349 1,066,224
Amounts recoverable on contract 812,870 969,698
Other debtors 597,972 826,149
2,301,191 2,862,071

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 204,548 32,185
Hire purchase contracts 352,642 242,195
Trade creditors 859,813 833,530
Taxation and social security 172,021 351,955
Other creditors 633,574 150,838
2,222,598 1,610,703

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 808,474 73,333
Hire purchase contracts 170,031 352,626
978,505 425,959

MGBC LTD (REGISTERED NUMBER: 09742928)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 31 December 2023

10. SECURED DEBTS

The bank loan/overdraft is secured by a Debenture dated the 3 November 2017 in favour of Lloyds Bank PLC, to secure banking facilities. This comprises fixed and floating charges over the undertaking as well as a negative pledge.

The mortgage is secured by a Debenture dated the 3 July 2023 in favour of Lloyds Bank PLC, to secure banking facilities. This comprises fixed and floating charges over the undertaking as well as a negative pledge.

11. CALLED UP, PAID AND ALLOTTED SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200
NIL Ordinary A £1 - 1
NIL Ordinary B £1 - 1
NIL Ordinary C £1 - 1
200 203

12. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 September 2022 2,982,256 - - 2,982,256
Profit for the period 2,415,111 2,415,111
Dividends (321,976 ) (321,976 )
Purchase of own shares (3 ) - 3 -
Revaluations in year - 1,208,962 - 1,208,962
At 31 December 2023 5,075,388 1,208,962 3 6,284,353

13. RELATED PARTY DISCLOSURES

The directors operate loan accounts with the company. During the year, additional loans were provided to the company in aggregate of £371. At the year end, the company owed the directors £717.