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REGISTERED NUMBER: NI051579 (Northern Ireland)












M G Developments (NI) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






M G Developments (NI) Limited (Registered number: NI051579)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M G Developments (NI) Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr P McGarel
Mr J J McGarel (Jnr)
Mr J J McGarel (Snr)



REGISTERED OFFICE: 184 Rashee Road
Ballyclare
Co. Antrim
BT39 9JB



REGISTERED NUMBER: NI051579 (Northern Ireland)



ACCOUNTANTS: Agnew Mitchell & Cairns
184 Rashee Road
Ballyclare
Co. Antrim
BT39 9JB



BANKERS: Bank of Ireland
Antrim Road
Glengormley
Co. Antrim
BT36 7QN



SOLICITORS: O'Rorke, McDonald & Tweed
29 The Roddens
Larne
Co. Antrim
BT40 1QX

M G Developments (NI) Limited (Registered number: NI051579)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 235,905 243,093

CURRENT ASSETS
Stocks 396,000 337,459
Debtors 5 348,762 271,661
Cash at bank 24,965 74,426
769,727 683,546
CREDITORS
Amounts falling due within one year 6 640,923 341,622
NET CURRENT ASSETS 128,804 341,924
TOTAL ASSETS LESS CURRENT
LIABILITIES

364,709

585,017

CREDITORS
Amounts falling due after more than one
year

7

(27,123

)

(358,047

)

PROVISIONS FOR LIABILITIES (21,580 ) -
NET ASSETS 316,006 226,970

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 316,003 226,967
SHAREHOLDERS' FUNDS 316,006 226,970

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

M G Developments (NI) Limited (Registered number: NI051579)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2024 and were signed on its behalf by:





Mr P McGarel - Director


M G Developments (NI) Limited (Registered number: NI051579)

Notes to the Financial Statements
for the year ended 31 March 2024


1. STATUTORY INFORMATION

M G Developments (NI) Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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.

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 etc - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

M G Developments (NI) Limited (Registered number: NI051579)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 149,586 407,469 557,055
Additions - 21,940 21,940
Disposals - (3,550 ) (3,550 )
At 31 March 2024 149,586 425,859 575,445
DEPRECIATION
At 1 April 2023 - 313,962 313,962
Charge for year - 28,773 28,773
Eliminated on disposal - (3,195 ) (3,195 )
At 31 March 2024 - 339,540 339,540
NET BOOK VALUE
At 31 March 2024 149,586 86,319 235,905
At 31 March 2023 149,586 93,507 243,093

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 325,669 90,252
Amounts recoverable on contract - 159,760
Other debtors 23,093 21,649
348,762 271,661

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,129 9,916
Hire purchase contracts 11,397 10,279
Trade creditors 142,560 167,394
Taxation and social security 14,820 37,425
Other creditors 462,017 116,608
640,923 341,622

M G Developments (NI) Limited (Registered number: NI051579)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 13,869 23,997
Hire purchase contracts 13,254 24,050
Other creditors - 310,000
27,123 358,047

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 267,500 320,000
Hire purchase contracts 24,651 34,329
292,151 354,329

A charge is held over premises situated at Newington Avenue, Victoria Road, Larne by Mr James Beggs.