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Registered Number: 11981828
England and Wales

 

 

 

MAG MUG LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
  2024   2023
    £ £   £ £
Fixed assets   20,055      24,055 
Current assets 77,383      66,089   
Creditors: amount falling due within one year (18,945)     (19,548)  
Net current assets   58,438      46,541 
Total assets less current liabilities   78,493      70,596 
Creditors: amount falling due after more than one year   (13,070)     (20,418)
Provisions for liabilities   (101)     (10)
Net assets   65,322      50,168 
 

         
Capital and reserves   65,322      50,168 
 
NOTES TO THE ACCOUNTS

General Information
MAG MUG LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11981828, registration address 2 Ilkeston Road, England, Nottingham, NG7 3GD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
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 10% Straight Line
Fixtures and Fittings 10% Straight Line
Stocks
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.
2.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 May 2023 25,000    15,000    40,000 
Additions    
Disposals    
At 30 April 2024 25,000    15,000    40,000 
Depreciation
At 01 May 2023 9,966    5,979    15,945 
Charge for year 2,500    1,500    4,000 
On disposals    
At 30 April 2024 12,466    7,479    19,945 
Net book values
Closing balance as at 30 April 2024 12,534    7,521    20,055 
Opening balance as at 01 May 2023 15,034    9,021    24,055 


3.

Average number of employees

Average number of employees during the year was 4 (2023 : 0).


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts.
The financial statements were approved by the director on 06 August 2024 and were signed by:


--------------------------------
Adnan ALAFANEY
Director
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