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Registered Number: 12182913


 

 

 

MAG MECHANICAL SERVICES LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2022

End date: 30 September 2023
Director Matthew Allan Game
Registered Number 12182913
Registered Office 129 HALL LANE
HALL LANE UPMINSTER
RM14 1AL
Accountants Versa Tax Solutions Ltd
9 Corbets Tey Road

Upminster
RM14 2AP
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 30 September 2023.
Director
The director who served the company throughout the year was as follows:
Matthew Allan Game
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Matthew Allan Game
Director

Date approved: 18 September 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 September 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Versa Tax Solutions Ltd
30 September 2023



....................................................

Versa Tax Solutions Ltd

9 Corbets Tey Road

Upminster
RM14 2AP
18 September 2024
3
 
 
Notes
 
2023
£
  2022
£
Turnover 242,788    160,494 
Cost of sales (137,971)   (104,775)
Gross profit 104,817    55,719 
Administrative expenses (73,149)   (56,924)
Other operating income   906 
Operating profit/(loss) 31,668    (299)
Other interest receivable and similar income (2,700)   (941)
Profit/(Loss) on ordinary activities before taxation 28,968    (1,240)
Tax on profit on ordinary activities (6,831)  
Profit/(Loss) for the financial year 22,137    (1,240)
 
4
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 12,723    19,709 
12,723    19,709 
Current assets      
Stocks 4 30,000    30,000 
Debtors 5 94,848    66,452 
Cash at bank and in hand 11,450    2,835 
136,298    99,287 
Creditors: amount falling due within one year 6 (67,498)   (56,807)
Net current assets 68,800    42,480 
 
Total assets less current liabilities 81,523    62,189 
Creditors: amount falling due after more than one year 7 (47,734)   (49,537)
Net assets 33,789    12,652 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 33,787    12,650 
Shareholders' funds 33,789    12,652 
 


For the year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 18 September 2024 and were signed by:


-------------------------------
Matthew Allan Game
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 October 2021 2  17,890  17,892 
Profit for the year (1,240) (1,240)
Total comprehensive income for the year (1,240) (1,240)
Dividends (4,000) (4,000)
Total investments by and distributions to owners (4,000) (4,000)
At 30 September 2022 2  12,650  12,652 
At 01 October 2022 2  12,650  12,652 
Profit for the year 22,137  22,137 
Total comprehensive income for the year 22,137  22,137 
Dividends (1,000) (1,000)
Total investments by and distributions to owners (1,000) (1,000)
At 30 September 2023 2  33,787  33,789 
6
General Information
MAG MECHANICAL SERVICES LTD is a private company, limited by shares, registered in , registration number 12182913, registration address 129 HALL LANE, HALL LANE UPMINSTER, RM14 1AL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Straight Line
Computer Equipment 33.% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Motor Vehicles   Total
  £   £   £
At 01 October 2022 2,156    26,266    28,422 
Additions    
Disposals    
At 30 September 2023 2,156    26,266    28,422 
Depreciation
At 01 October 2022 1,736    6,977    8,713 
Charge for year 420    6,566    6,986 
On disposals    
At 30 September 2023 2,156    13,543    15,699 
Net book values
Closing balance as at 30 September 2023   12,723    12,723 
Opening balance as at 01 October 2022 420    19,289    19,709 

The net book value of Motor Vehicles includes £ 12,723 (2022 £19,289) in respect of assets leased under finance leases or hire purchase contracts.

4.

Stocks

2023
£
  2022
£
Work in Progress 30,000    30,000 
30,000    30,000 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 36,348    10,959 
Prepayments & Accrued Income 1,351    1,258 
Other Debtors 26,249    30,000 
Corporation Tax   3,513 
PAYE & Social Security 19,959    14,155 
VAT 10,941    6,567 
94,848    66,452 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 16,262    3,082 
Corporation Tax 2,197   
Accrued Expenses 2,610    2,010 
Other Creditors 13,102    13,102 
Obligations under HP/Financial Leases 11,521    15,122 
Wages & Salaries Control Account 4,009   
Directors' Current Accounts 17,797    23,491 
67,498    56,807 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 47,734    49,537 
47,734    49,537 

7