Company Registration No. 07512144 (England and Wales)
M.G.S. TRADING LTD
Unaudited accounts
for the year ended 29 February 2024
M.G.S. TRADING LTD
Unaudited accounts
Contents
M.G.S. TRADING LTD
Company Information
for the year ended 29 February 2024
Company Number
07512144 (England and Wales)
Registered Office
27 Old Gloucester Street
London
WC1N 3AX
Accountants
SQK Accountancy Limited
Use.Space
Paddock St
Manchester
North West England
M12 6PN
M.G.S. TRADING LTD
Accountants' report
Accountants' report to the director of M.G.S. TRADING LTD on the preparation of the unaudited statutory accounts for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
M.G.S. TRADING LTD for the year ended
29 February 2024 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of M.G.S. TRADING LTD, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of M.G.S. TRADING LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.G.S. TRADING LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that M.G.S. TRADING LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of M.G.S. TRADING LTD. You consider that M.G.S. TRADING LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of M.G.S. TRADING LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
SQK Accountancy Limited
Use.Space
Paddock St
Manchester
North West England
M12 6PN
15 September 2024
M.G.S. TRADING LTD
Statement of financial position
as at 29 February 2024
Tangible assets
3,837
8,907
Cash at bank and in hand
38,537
45,050
Creditors: amounts falling due within one year
(22,743)
(22,235)
Net current assets
25,833
31,140
Called up share capital
100
100
Profit and loss account
29,570
39,947
Shareholders' funds
29,670
40,047
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 September 2024 and were signed on its behalf by
Mr M Stevenson
Director
Company Registration No. 07512144
M.G.S. TRADING LTD
Notes to the Accounts
for the year ended 29 February 2024
M.G.S. TRADING LTD is a private company, limited by shares, registered in England and Wales, registration number 07512144. The registered office is 27 Old Gloucester Street, London, WC1N 3AX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% Straight line
Fixtures & fittings
25% Straight line
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 March 2023
31,457
1,821
33,278
At 29 February 2024
31,612
2,195
33,807
At 1 March 2023
23,671
700
24,371
Charge for the year
5,050
549
5,599
At 29 February 2024
28,721
1,249
29,970
At 29 February 2024
2,891
946
3,837
At 28 February 2023
7,786
1,121
8,907
Amounts falling due within one year
Trade debtors
10,039
8,325
M.G.S. TRADING LTD
Notes to the Accounts
for the year ended 29 February 2024
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
5,575
8,994
Taxes and social security
3,443
2,491
Loans from directors
13,725
10,750
7
Average number of employees
During the year the average number of employees was 2 (2023: 2).