Registered number
05073678
MGK Group Limited
Filleted Accounts
31 March 2024
MGK Group Limited
Registered number: 05073678
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 19,585 23,286
Current assets
Debtors 4 17,102 3,486
Cash at bank and in hand 11,046 79,453
28,148 82,939
Creditors: amounts falling due within one year 5 (13,485) (74,990)
Net current assets 14,663 7,949
Net assets 34,248 31,235
Capital and reserves
Called up share capital 100 100
Profit and loss account 34,148 31,135
Shareholder's funds 34,248 31,235
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Valeriu Chicu
Director
Approved by the board on 9 September 2024
MGK Group Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Grants received during the year from the government are recognised as other income. This income is recognised when the application is made to the local authority after receiving confirmation of entitlement from them. There would either be a debtor, a deferred income or no balance due recognised depending upon when the cash was received from the local authority. The grants received in the year include Coronavirus Job Retention Scheme (CJRS). CJRS is recognised on a straight line basis, accrued over the furlough period for each relevant employee on the PAYE payroll scheme. Cash payments are received from HMRC.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Functional and presentation currency
The financial statements of the company are measured and presented in the currency of the primary economic environment in which the company operates, the functional currency. The financial statements are presented in Pound sterling (£), which is the company’s functional currency.
Employee benefits
Short-term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Post-employment defined contribution plans
Amounts in respect of defined contributions plans are recognised as an expense as they are incurred.

Termination benefits
Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.
Going concern
The financial statements have been prepared on the basis that the company will receive continued financial support from bank and directors and has adequate resources to continue in operational existence for the foreseeable future.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Fixtures, fittings, tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 35,059 63,787 98,846
Additions 1,196 - 1,196
At 31 March 2024 36,255 63,787 100,042
Depreciation
At 1 April 2023 25,101 50,459 75,560
Charge for the year 2,231 2,666 4,897
At 31 March 2024 27,332 53,125 80,457
Net book value
At 31 March 2024 8,923 10,662 19,585
At 31 March 2023 9,958 13,328 23,286
4 Debtors 2024 2023
£ £
Trade debtors 9,836 2,860
Other debtors 7,266 626
17,102 3,486
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 686 16
Corporation tax 1,374 8,597
Other taxes and social security costs 834 642
Other creditors 10,591 65,735
13,485 74,990
6 Related party transactions
Included within other creditors is a director's loan of £5,702 (2022 - £42,215).
7 Controlling party
Valeriu Chicu is the ultimate controlling party.
8 Other information
MGK Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Sherwood Road
Barkingside
Ilford
Essex
IG6 1BW
MGK Group Limited 05073678 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Valeriu Chicu No description of principal activity 05073678 2022-04-01 2023-03-31 05073678 core:WithinOneYear 2023-03-31 05073678 core:ShareCapital 2023-03-31 05073678 core:RetainedEarningsAccumulatedLosses 2023-03-31 05073678 2023-04-01 2024-03-31 05073678 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05073678 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05073678 bus:Director40 2023-04-01 2024-03-31 05073678 1 2023-04-01 2024-03-31 05073678 2 2023-04-01 2024-03-31 05073678 core:PlantMachinery 2023-04-01 2024-03-31 05073678 core:Vehicles 2023-04-01 2024-03-31 05073678 countries:England 2023-04-01 2024-03-31 05073678 bus:FRS102 2023-04-01 2024-03-31 05073678 bus:FilletedAccounts 2023-04-01 2024-03-31 05073678 2024-03-31 05073678 core:WithinOneYear 2024-03-31 05073678 core:ShareCapital 2024-03-31 05073678 core:RetainedEarningsAccumulatedLosses 2024-03-31 05073678 core:PlantMachinery 2024-03-31 05073678 core:Vehicles 2024-03-31 05073678 2023-03-31 05073678 core:PlantMachinery 2023-03-31 05073678 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure