2023-07-012024-06-302024-06-30false09643079MGL ELECTRICAL SERVICES 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MGL ELECTRICAL SERVICES LTD

Registered Number
09643079
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

MGL ELECTRICAL SERVICES LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

M Lillyman

Registered Address

1 The Lawns
Northampton
NN5 6AF

Registered Number

09643079 (England and Wales)
MGL ELECTRICAL SERVICES LTD
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets348,55941,866
48,55941,866
Current assets
Debtors476,042103,770
Cash at bank and on hand68,59211,449
144,634115,219
Creditors amounts falling due within one year5(92,021)(32,310)
Net current assets (liabilities)52,61382,909
Total assets less current liabilities101,172124,775
Creditors amounts falling due after one year6(83,110)(78,250)
Provisions for liabilities7(9,145)(7,855)
Net assets8,91738,670
Capital and reserves
Called up share capital11
Profit and loss account8,91638,669
Shareholders' funds8,91738,670
The financial statements were approved and authorised for issue by the Director on 29 August 2024, and are signed on its behalf by:
M Lillyman
Director
Registered Company No. 09643079
MGL ELECTRICAL SERVICES LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number is 09643079 and registered office address is 1 The Lawns, Northampton, Northamptonshire, England, NN5 6AF
Statement of compliance
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from rendering of services
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Operating leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Current taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Vehicles4
Office Equipment4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 July 233,00655,5802,64861,234
Additions-24,916-24,916
At 30 June 243,00680,4962,64886,150
Depreciation and impairment
At 01 July 232,05715,2332,07819,368
Charge for year52417,41628318,223
At 30 June 242,58132,6492,36137,591
Net book value
At 30 June 2442547,84728748,559
At 30 June 2394940,34757041,866
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables49,08245,733
Other debtors26,19257,647
Prepayments and accrued income768390
Total76,042103,770
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables48,17913,436
Taxation and social security9,11113,312
Other creditors34,7315,562
Total92,02132,310
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts32,86638,424
Other creditors50,24439,826
Total83,11078,250
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)9,1457,855
Total9,1457,855
8.Share capital
Share Capital 2024 2023 2024 2023 Ordinary Share Capital Number Number £ £ Issued and fully paid Ordinary Shares of £1 each 1 1 1 1 ====== ====== ===== =====