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MG FINANCIAL SERVICES (GB) LIMITED

Registered Number
04028747
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

MG FINANCIAL SERVICES (GB) LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

MOORE, Anne Marie
MOORE, Baupinder Singh

Company Secretary

MOORE, Baupinder Singh

Registered Address

Joginder House, 18a Lichfield
Street, Walsall
West Midlands
WS1 1TJ

Registered Number

04028747 (England and Wales)
MG FINANCIAL SERVICES (GB) LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4,6524,019
4,6524,019
Current assets
Debtors39310,757
Current asset investments4,3564,356
Cash at bank and on hand366,42473,574
371,17388,687
Creditors amounts falling due within one year3(305,897)(16,185)
Net current assets (liabilities)65,27672,502
Total assets less current liabilities69,92876,521
Creditors amounts falling due after one year4(15,938)(24,003)
Provisions for liabilities5(884)(764)
Net assets53,10651,754
Capital and reserves
Called up share capital22
Profit and loss account53,10451,752
Shareholders' funds53,10651,754
The financial statements were approved and authorised for issue by the Board of Directors on 25 July 2024, and are signed on its behalf by:
MOORE, Anne Marie
Director
MOORE, Baupinder Singh
Director

Registered Company No. 04028747
MG FINANCIAL SERVICES (GB) LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Office Equipment25
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
2.Average number of employees

20242023
Average number of employees during the year55
3.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables323120
Amounts owed to related parties3,6999,729
Taxation and social security5,9874,714
Other creditors295,8881,622
Total305,89716,185
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
4.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts15,93824,003
Total15,93824,003
Non-Current Liabilities - payable after one year
5.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)884764
Total884764