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COMPANY REGISTRATION NUMBER: 06584629
MGE Automation Ltd
Filleted Unaudited Financial Statements
31 March 2024
MGE Automation Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,460
1,423
Current assets
Stocks
14,662
28,636
Debtors
6
235,223
13,878
Cash at bank and in hand
23,370
129,961
---------
---------
273,255
172,475
Creditors: amounts falling due within one year
7
125,391
68,414
---------
---------
Net current assets
147,864
104,061
---------
---------
Total assets less current liabilities
150,324
105,484
Provisions
Taxation including deferred tax
467
270
---------
---------
Net assets
149,857
105,214
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
149,757
105,114
---------
---------
Shareholders funds
149,857
105,214
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MGE Automation Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr M Earl
Director
Company registration number: 06584629
MGE Automation Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Commerce Business Centre, West Wilts Trading Estate, Westbury, Wiltshire, BA13 4LS.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.
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:
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
13,723
13,723
Additions
1,857
1,857
--------
--------
At 31 March 2024
15,580
15,580
--------
--------
Depreciation
At 1 April 2023
12,300
12,300
Charge for the year
820
820
--------
--------
At 31 March 2024
13,120
13,120
--------
--------
Carrying amount
At 31 March 2024
2,460
2,460
--------
--------
At 31 March 2023
1,423
1,423
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
222,624
5,560
Other debtors
12,599
8,318
---------
--------
235,223
13,878
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
64,179
38,640
Corporation tax
34,209
4,568
Social security and other taxes
1,095
1,805
Other creditors
25,908
23,401
---------
--------
125,391
68,414
---------
--------