Registered number
05165993
MAG Shopfitting Limited
Unaudited Filleted Accounts
31 March 2024
MAG Shopfitting Limited
Registered number: 05165993
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 5,857 9,756
Investments 5 190,000 160,000
195,857 169,756
Current assets
Debtors 6 3,973 3,810
Cash at bank and in hand 33,179 54,776
37,152 58,586
Creditors: amounts falling due within one year 7 (58,098) (59,335)
Net current liabilities (20,946) (749)
Total assets less current liabilities 174,911 169,007
Creditors: amounts falling due after more than one year 8 (157,747) (167,677)
Provisions for liabilities (2,063) (1,606)
Net assets/(liabilities) 15,101 (276)
Capital and reserves
Called up share capital 100 100
Revaluation reserve 10 4,219 (24,831)
Profit and loss account 10,782 24,455
Shareholders' funds 15,101 (276)
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 members have 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.
P G Hamilton
Director
Approved by the board on 13 September 2024
MAG Shopfitting 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Computer Equipment 25% straight line
Investments
Investment properties are measured at fair value. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 30,000
At 31 March 2024 30,000
Amortisation
At 1 April 2023 30,000
At 31 March 2024 30,000
Net book value
At 31 March 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 13,480 52,178 65,658
Disposals (4,333) (14,995) (19,328)
At 31 March 2024 9,147 37,183 46,330
Depreciation
At 1 April 2023 11,122 44,780 55,902
Charge for the year 321 1,349 1,670
On disposals (4,106) (12,993) (17,099)
At 31 March 2024 7,337 33,136 40,473
Net book value
At 31 March 2024 1,810 4,047 5,857
At 31 March 2023 2,358 7,398 9,756
5 Investments
Other
investments
£
Valuation
At 1 April 2023 160,000
Revaluation 30,000
At 31 March 2024 190,000
Historical cost
At 1 April 2023 185,000
At 31 March 2024 185,000
Other investments relates to an investment property which is carried at its fair value. The fair value has been determined by the company's director, Mr P G Hamilton, and is based on the recent selling price of comparable properties.
6 Debtors 2024 2023
£ £
Trade debtors - 2,620
Other debtors 3,973 1,190
3,973 3,810
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Taxation and social security costs 397 1,729
Other creditors 47,701 47,606
58,098 59,335
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 157,747 167,677
9 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 145,307 145,287
Secured bank loans 145,307 145,287
The bank loan is secured on the investment property.
10 Undistributable reserve 2024 2023
£ £
At 1 April 2023 (24,831) 5,169
Gain/(loss) on revaluation of investment property 30,000 (30,000)
Deferred taxation arising on the revaluation of land and buildings (950) -
At 31 March 2024 4,219 (24,831)
The undistributable reserve arises from the revaluation of the investment property to fair value.
11 Related party transactions
At 31 March 2024 the company owed Mr & Mrs Hamilton £44,978 (2023: £44,255). The company paid Mr & Mrs Hamilton £1,970 interest (2023:£Nil) on the loan during the year. This loan is repayable on demand.
12 Controlling party
Mr P G and Mrs T M Hamilton own all of the shares issued by the company and as a result have a controlling interest in the company.
13 Other information
MAG Shopfitting Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lindi
5 Torbridge Road
Plymouth
PL7 4AX
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