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Registered number: 05299992
MGF Laboratories Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05299992
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,640 13,325
3,640 13,325
CURRENT ASSETS
Stocks 5 1,486 1,437
Debtors 6 16,450 9,234
Cash at bank and in hand 368,216 317,499
386,152 328,170
Creditors: Amounts Falling Due Within One Year 7 (29,337 ) (8,960 )
NET CURRENT ASSETS (LIABILITIES) 356,815 319,210
TOTAL ASSETS LESS CURRENT LIABILITIES 360,455 332,535
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (692 ) (2,532 )
NET ASSETS 359,763 330,003
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 359,663 329,903
SHAREHOLDERS' FUNDS 359,763 330,003
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mark Fairclough
Director
16/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
MGF Laboratories Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05299992 . The registered office is 26 Bladon Close, Mapperley, Nottingham, Nottinghamshire, NG3 5FY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, and includes revenue earned from the sale of goods.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles - 25% on reducing balance
Fixtures & Fittings - 20% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 44,344 8,430 52,774
Additions - 649 649
Disposals (44,344 ) - (44,344 )
As at 30 November 2023 - 9,079 9,079
Depreciation
As at 1 December 2022 34,809 4,640 39,449
Provided during the period 895 799 1,694
Disposals (35,704 ) - (35,704 )
As at 30 November 2023 - 5,439 5,439
Net Book Value
As at 30 November 2023 - 3,640 3,640
As at 1 December 2022 9,535 3,790 13,325
5. Stocks
2023 2022
£ £
Stock 1,486 1,437
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 15,846 8,536
Prepayments and accrued income 504 598
Called up share capital not paid 100 100
16,450 9,234
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 983 476
Corporation tax 13,716 5,229
Accruals and deferred income 1,553 1,553
Director's loan account 13,085 1,702
29,337 8,960
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8. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 692 2,532
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 December 2022 2,532 2,532
Utilised (1,840 ) (1,840)
Balance at 30 November 2023 692 692
The provision for deferred tax is made up of accelerated capital allowances.
10. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 100 100
Amount of Allotted, Called Up Share Capital 100 100
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mark Fairclough 6,600 18,000
12. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 11,000 30,000
13. Controlling Party
The company's controlling party is Mark Fairclough by virtue of ownership of 60% of the issued share capital in the company.
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