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REGISTERED NUMBER: 11887120 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

MGZSales Ltd

MGZSales Ltd (Registered number: 11887120)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MGZSales Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr M Zerial
Mrs G Zerial





REGISTERED OFFICE: 71 West Broadway
Bristol
BS9 4ST





REGISTERED NUMBER: 11887120 (England and Wales)





ACCOUNTANTS: Verinder Powell Associates Ltd
Suite 5 Corum 2
Corum Office Park
Crown Way
Warmley
Bristol
BS30 8FJ

MGZSales Ltd (Registered number: 11887120)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,054 3,101

CURRENT ASSETS
Debtors 5 63,691 80,512
Cash at bank 284,513 139,820
348,204 220,332
CREDITORS
Amounts falling due within one year 6 130,169 43,889
NET CURRENT ASSETS 218,035 176,443
TOTAL ASSETS LESS CURRENT LIABILITIES 228,089 179,544

CREDITORS
Amounts falling due after more than one
year

7

36,671

42,500
NET ASSETS 191,418 137,044

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 191,417 137,043
191,418 137,044

MGZSales Ltd (Registered number: 11887120)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mr M Zerial - Director


MGZSales Ltd (Registered number: 11887120)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

MGZSales Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There have been no material departures from the Financial Reporting Standard 102 1A.

Group accounts not prepared
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when;
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment- 33% on cost
Short leasehold- 10% on cost

MGZSales Ltd (Registered number: 11887120)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 26 ) .

MGZSales Ltd (Registered number: 11887120)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Short Office
leasehold equipment Totals
£    £    £   
COST
At 1 April 2023 - 6,875 6,875
Additions 5,667 3,276 8,943
At 31 March 2024 5,667 10,151 15,818
DEPRECIATION
At 1 April 2023 - 3,774 3,774
Charge for year 47 1,943 1,990
At 31 March 2024 47 5,717 5,764
NET BOOK VALUE
At 31 March 2024 5,620 4,434 10,054
At 31 March 2023 - 3,101 3,101

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 9,895 12,800
Other debtors 53,796 67,712
63,691 80,512

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 7,500 7,500
Amounts owed to group undertakings 44,303 -
Taxation and social security 60,956 32,300
Other creditors 17,410 4,089
130,169 43,889

MGZSales Ltd (Registered number: 11887120)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 36,671 42,500

Included in bank loans in notes 6 and 7 is a combined balance of £44,171 (2023 - £50,000) which is guaranteed by the government and unsecured.

8. OTHER FINANCIAL COMMITMENTS

Included in the balance sheet are pensions payable of £1,424 (2023 - £1,419). The company participates in a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

9. OFF-BALANCE SHEET ARRANGEMENTS

The total amount of financial commitments, including finance lease agreements not included in the balance sheet is £52,083 (2023 - £131,695).

10. RELATED PARTY DISCLOSURES

Loans from related parties



Key
management


Total
2024 £ £
At start of period 690 690
Advanced 624 624
Repaid (114 ) (14 )
At end of period 1,200 1,200


Key
management


Total
2023 £ £
At start of period 3,966 3,966
Advanced 624 624
Repaid (3,900 ) (3,900 )
At end of period 690 690

The loans from key management are interest free and repayable on demand.