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COMPANY REGISTRATION NUMBER: SC189425
MGA Financial Management Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
MGA Financial Management Limited
Abridged Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
MGA Financial Management Limited
Officers and Professional Advisers
Director
Ian Mara
Company secretary
Elizabeth McGillivray
Registered office
63 High Street
Monifieth
Angus
DD5 4AA
Accountants
FourM Limited
Chartered Accountants
FourM Limited
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
Bankers
Royal Bank of Scotland
288 Brook Street
Broughty Ferry
Dundee
DD5 2AP
MGA Financial Management Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
176,298
177,263
Current assets
Debtors
7
3,811
5,605
Cash at bank and in hand
197,726
179,578
---------
---------
201,537
185,183
Creditors: amounts falling due within one year
23,141
22,588
---------
---------
Net current assets
178,396
162,595
---------
---------
Total assets less current liabilities
354,694
339,858
Provisions for liabilities
Deferred taxation
608
742
---------
---------
Net assets
354,086
339,116
---------
---------
Capital and reserves
Called up share capital
9
22
22
Other reserves
78
78
Profit and loss account
10
353,986
339,016
---------
---------
Member funds
354,086
339,116
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
MGA Financial Management Limited
Abridged Statement of Financial Position (continued)
31 December 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Ian Mara
Director
Company registration number: SC189425
MGA Financial Management Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 63 High Street, Monifieth, Angus, DD5 4AA.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents fees and commissions receivable during the year. The company is exempt from registration for VAT.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Office Equipment
-
25% reducing balance
Furniture & fittings
-
15% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
17,238
17,135
Deferred tax:
Origination and reversal of timing differences
( 134)
( 169)
--------
--------
Tax on profit
17,104
16,966
--------
--------
6. Tangible assets
£
Cost
At 1 January 2023 and 31 December 2023
198,961
---------
Depreciation
At 1 January 2023
21,698
Charge for the year
965
---------
At 31 December 2023
22,663
---------
Carrying amount
At 31 December 2023
176,298
---------
At 31 December 2022
177,263
---------
The investment property was purchased in a prior year and the cost reflects the current market value.
7. Debtors
2023
2022
£
£
Trade debtors
2,589
818
Prepayments
1,222
1,177
Director's loan account
3,580
Other debtors
30
-------
-------
3,811
5,605
-------
-------
8. Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
2023
2022
£
£
Included in provisions for liabilities
608
742
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
608
742
----
----
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
22
22
22
22
----
----
----
----
10. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Related party transactions
The company was under the control of the director, I Mara throughout the current and previous year. During the year, the company advanced funds to I Mara of £nil (2022 - £3,580), which was paid at the year end. During the year, I Mara received dividends of £48,000 (2022 - £50,800). There are no further transactions with related parties such as are required to be disclosed under the FRS102.