REGISTERED NUMBER: |
M.G.O.C. Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
M.G.O.C. Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
M.G.O.C. Limited (Registered number: 01204646) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
M.G.O.C. Limited |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
M.G.O.C. Limited (Registered number: 01204646) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | 10 |
Shareholders' funds |
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. |
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 |
M.G.O.C. Limited (Registered number: 01204646) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
M.G.O.C. Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The directors have identified no material uncertainties that cast significant doubt about the ability of the company to continue as a going concern. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. |
Turnover |
Turnover represents memberships received and is recognised in the period in which they are received, exclusive of Value Added Tax. |
Tangible fixed assets |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
Investments |
Investments are recognised at cost less provision for impairment. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. |
Operating leases |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
M.G.O.C. Limited (Registered number: 01204646) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Long | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Investments |
Loans |
£ |
At 1 January 2023 |
and 31 December 2023 |
The investment represents a capital contribution made to Merreloak Limited. |
M.G.O.C. Limited (Registered number: 01204646) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | Reserves |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
11. | Directors' advances, credits and guarantees |
The company was controlled by the directors throughout the year. |
During the year the company paid rent of £70,403 (2022 - £70,403) to a company controlled by a director and his brother. The amount owed by this company at the end of the year was £150,000 (2022 - £150,000) . |
During the year the company made recharges of expenses of £37,466 (2022 - £29,039) to a company controlled by a director. The amount owed by this company at the end of the year was £12,179 (2022 - £12,296) . |
During the year the company made recharges of expenses of £87,730 (2022 - £58,950) to a company of which a director owns shares. The amount due by this company at the end of the year was £31,613 (2022 - £25,027). |