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REGISTERED NUMBER: 07724611 (England and Wales)





















MEGA RESOURCES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






MEGA RESOURCES LIMITED (REGISTERED NUMBER: 07724611)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


MEGA RESOURCES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: W Lawal
Mrs M O Lawal





REGISTERED OFFICE: 27 Crown Street
Kettering
NN16 8QA





REGISTERED NUMBER: 07724611 (England and Wales)

MEGA RESOURCES LIMITED (REGISTERED NUMBER: 07724611)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,907 59,758

CURRENT ASSETS
Debtors 5 823,535 551,391
Cash at bank 190,342 101,660
1,013,877 653,051
CREDITORS
Amounts falling due within one year 6 706,325 310,861
NET CURRENT ASSETS 307,552 342,190
TOTAL ASSETS LESS CURRENT LIABILITIES 399,459 401,948

CREDITORS
Amounts falling due after more than one
year

7

28,329

54,092
NET ASSETS 371,130 347,856

CAPITAL AND RESERVES
Called up share capital 999 999
Retained earnings 370,131 346,857
371,130 347,856

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

MEGA RESOURCES LIMITED (REGISTERED NUMBER: 07724611)

BALANCE SHEET - continued
31 AUGUST 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:




W Lawal - Director



Mrs M O Lawal - Director


MEGA RESOURCES LIMITED (REGISTERED NUMBER: 07724611)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

Mega Resources 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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 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 the timing difference.

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.

MEGA RESOURCES LIMITED (REGISTERED NUMBER: 07724611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued

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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 185 (2022 - 123 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 52,835 5,000 34,750 6,117 98,702
Additions - 4,361 67,843 4,471 76,675
Disposals (12,835 ) (5,000 ) (34,750 ) - (52,585 )
At 31 August 2023 40,000 4,361 67,843 10,588 122,792
DEPRECIATION
At 1 September 2022 8,000 5,000 23,755 2,189 38,944
Charge for year 4,000 - 15,715 981 20,696
Eliminated on disposal - (5,000 ) (23,755 ) - (28,755 )
At 31 August 2023 12,000 - 15,715 3,170 30,885
NET BOOK VALUE
At 31 August 2023 28,000 4,361 52,128 7,418 91,907
At 31 August 2022 44,835 - 10,995 3,928 59,758

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 404,643 270,877
Amounts owed by group undertakings 77,159 -
Other debtors 341,733 280,514
823,535 551,391

MEGA RESOURCES LIMITED (REGISTERED NUMBER: 07724611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 23,348 4,335
Trade creditors 50,293 42,954
Amounts owed to group undertakings 7,242 -
Taxation and social security 484,428 190,501
Other creditors 141,014 73,071
706,325 310,861

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 28,329 13,090
Other creditors - 41,002
28,329 54,092