2022-08-01 04038508 2023-07-31 04038508 2022-08-01 2023-07-31 04038508 2022-07-31 04038508 2021-08-01 2022-07-31 04038508 uk-core:WithinOneYear 2022-07-31 04038508 uk-core:WithinOneYear 2023-07-31 04038508 uk-core:ShareCapital 2023-07-31 04038508 uk-core:ShareCapital 2022-07-31 04038508 uk-core:RetainedEarningsAccumulatedLosses 2023-07-31 04038508 uk-core:RetainedEarningsAccumulatedLosses 2022-07-31 04038508 uk-bus:Director1 2022-08-01 2023-07-31 04038508 uk-core:PlantMachinery 2022-08-01 2023-07-31 04038508 uk-core:FurnitureFittings 2022-08-01 2023-07-31 04038508 uk-core:FurnitureFittings 2022-07-31 04038508 uk-core:PlantMachinery 2022-07-31 04038508 uk-core:PlantMachinery 2023-07-31 04038508 uk-core:FurnitureFittings 2023-07-31 iso4217:GBP xbrli:pure 04038508 uk-bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 04038508 uk-bus:FRS102 2022-08-01 2023-07-31 04038508 uk-bus:FilletedAccounts 2022-08-01 2023-07-31 04038508 uk-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31
MGC Safety Solutions Limited
Registered Number:04038508
For the year ended 31 July 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 July 2023
MGC Safety Solutions Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
04038508
As at 31 July 2023
MGC Safety Solutions Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
2,780
3,270
2
2,780
3,270
Current assets
3,180
Cash and cash equivalents
3,108
3,108
3,180
Trade and other payables: amounts falling due within one
year
(5,215)
(4,516)
3
(2,035)
(1,408)
Net current liabilities
Total assets less current liabilities
1,372
1,235
1,372
Net assets
1,235
Capital and reserves
Called up share capital
100
100
Retained earnings
1,272
1,135
1,372
1,235
Shareholders' funds
For the year ended 31 July 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 July 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.
Mr M.G. Clarkson Director
These financial statements were approved and authorised for issue by the Board on 23 April 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 July 2023
MGC Safety Solutions Limited
Notes to the Financial Statements
Statutory Information
MGC Safety Solutions Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 04038508.
Registered address:
104 Mansfield Road
Worksop
Notts
S80 3AA
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Turnover is recognised on the completion of each large contract assignment or small job, in accordance with the contract terms.
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
15% Reducing balance
Fixtures and fittings
Inventories
Income on work in progress contracts is recognised by reference to the valuation of time spent on each contract, at the year end. Profit on work in progress contracts is recognised when the outcome of the contracts can be assessed with reasonable certainty, and is that amount which is estimated to fairly reflect the profit arising up to the year end. Profit on work in progress contracts is reflected in the profit and loss account as the difference between the reported turnover, and the related costs.
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5
For the year ended 31 July 2023
MGC Safety Solutions Limited
Notes to the Financial Statements Continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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 timing differences. 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 future profits.
2. Property, plant and equipment
Total
Fixtures and
fittings
Plant and
machinery
£
£
£
Cost or
valuation
At 01 August 2022
32,449
22,912
9,537
At 31 July 2023
9,537
22,912
32,449
Provision for depreciation and impairment
At 01 August 2022
29,179
20,351
8,828
Charge for year
490
384
106
At 31 July 2023
29,669
20,735
8,934
At 31 July 2023
Net book value
603
2,177
2,780
At 31 July 2022
709
2,561
3,270
3. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Taxation and social security
3,134
890
Other creditors
1,382
4,325
4,516
5,215
4. Related party transactions
The directors are also shareholders of the company. Dividends paid to the directors, as shareholders of the
company, during the year (with the previous year shown in brackets) were as follows: Mr M. G. Clarkson
£6,750 (£2,255); Mrs R. Whitnear £5,985 (2,000).
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6
For the year ended 31 July 2023
MGC Safety Solutions Limited
Notes to the Financial Statements Continued
5. Average number of persons employed
During the year the average number of employees was 2 (2022 : 2)
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