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Registration number: 01980789

M.G.O.C. (Workshop) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

image-name
 

M.G.O.C. (Workshop) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

M.G.O.C. (Workshop) Limited

Company Information

Directors

Mr MP Bentley

Mr RG Monk

Mr I Wallman

Company secretary

Mr MP Bentley

Registered office

Octagon House
1 Over Road
Swavesey
Cambs
CB24 4QZ

Accountants

ProEdge Associates Limited
Unit 1H Grovemere House
Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3NW

 

M.G.O.C. (Workshop) Limited

(Registration number: 01980789)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

70,150

82,858

Current assets

 

Stocks

5

73,335

87,153

Debtors

6

73,969

45,733

Cash at bank and in hand

 

365,805

336,643

 

513,109

469,529

Creditors: Amounts falling due within one year

7

(162,658)

(150,055)

Net current assets

 

350,451

319,474

Total assets less current liabilities

 

420,601

402,332

Provisions for liabilities

(5,593)

(6,086)

Net assets

 

415,008

396,246

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

415,005

396,243

Shareholders' funds

 

415,008

396,246

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr MP Bentley
Company secretary and director

 

M.G.O.C. (Workshop) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Octagon House
1 Over Road
Swavesey
Cambs
CB24 4QZ

The principal place of business is:
Octagon House
1 Over Road
Swavesey
Cambs
CB24 4QZ

These financial statements were authorised for issue by the Board on 1 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

M.G.O.C. (Workshop) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold properties

Straight line over the life of the lease

Plant and machinery

12% - 12.5% reducing balance and 33% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

M.G.O.C. (Workshop) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 9).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 April 2023

22,524

1,448

48,560

226,654

At 31 March 2024

22,524

1,448

48,560

226,654

Depreciation

At 1 April 2023

22,524

1,448

22,880

169,476

Charge for the year

-

-

6,420

6,288

At 31 March 2024

22,524

1,448

29,300

175,764

Carrying amount

At 31 March 2024

-

-

19,260

50,890

At 31 March 2023

-

-

25,680

57,178

 

M.G.O.C. (Workshop) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Total
£

Cost or valuation

At 1 April 2023

299,186

At 31 March 2024

299,186

Depreciation

At 1 April 2023

216,328

Charge for the year

12,708

At 31 March 2024

229,036

Carrying amount

At 31 March 2024

70,150

At 31 March 2023

82,858

Included within the net book value of land and buildings above is £Nil (2023 - £) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

28,998

45,433

Other inventories

44,337

41,720

73,335

87,153

6

Debtors

Current

2024
£

2023
£

Trade debtors

56,510

28,559

Prepayments

17,459

16,811

Other debtors

-

363

 

73,969

45,733

 

M.G.O.C. (Workshop) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

35,038

31,498

Taxation and social security

67,329

60,900

Accruals and deferred income

45,291

42,657

Other creditors

15,000

15,000

162,658

150,055

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

       

9

Parent and ultimate parent undertaking

The ultimate controlling party is Mr MP Bentley and Mr RG Monk who own 66.66% of the issued share capital, acting in concert.