Registered Number:09841241 |
For the year ended 31 October 2023
England and Wales
Unaudited Financial Statements
For the year ended 31 October 2023
MG Insulation Ltd
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
MG Insulation Ltd
Statement of Financial Position
2022
2023
Property, plant and equipment |
48,289
47,273
2
48,289
47,273
4,800
5,650
3
Trade and other receivables |
93,931
80,368
4
219,783
Cash and cash equivalents |
91,133
177,151
318,514
Trade and other payables: amounts falling due within one |
year |
(194,071)
(69,098)
5
124,443
108,053
Net current assets
Total assets less current liabilities |
156,342
171,716
Trade and other payables: amounts falling due after more |
than one year |
(51,128)
(33,045)
6
123,297
Net assets
120,588
100
100
123,197
120,488
123,297
120,588
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. |
Marta Paulina Colwell Director |
These financial statements were approved and authorised for issue by the Board on 19 April 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 Insulation Ltd
Notes to the Financial Statements
Statutory Information
MG Insulation Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration |
number 09841241. |
474 Cowbridge Road East
Cardiff
CF5 1BJ
The presentation currency is £ sterling. |
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. |
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: |
Computer equipment
Motor vehicles
Fixtures and fittings
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
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
2 of 4
For the year ended 31 October 2023
MG Insulation Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment |
Motor vehicles
95,270
3,500
71,770
20,000
8,500
-
8,500
-
20,000
80,270
3,500
103,770
Provision for depreciation and impairment |
47,997
2,341
30,951
14,705
Charge for year
7,484
162
6,518
804
55,481
2,503
37,469
15,509
4,491
42,801
997
48,289
5,295
40,819
1,159
47,273
2022
2023
5,650
4,800
4. Trade and other receivables |
2022
2023
46,168
54,673
34,200
39,258
93,931
80,368
5. Trade and other payables: amounts falling due within one year |
2022
2023
16,002
-
Taxation and social security |
46,494
79,956
6,602
114,115
69,098
194,071
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For the year ended 31 October 2023
MG Insulation Ltd
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year |
2022
2023
30,838
34,896
2,207
16,232
33,045
51,128
7. Average number of persons employed |
During the year the average number of employees was 6 (2022 : 6)
4 of 4