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REGISTERED NUMBER: 03533527















M.G.ASSETS LTD

Financial Statements for the Year Ended 31 March 2024






M.G.ASSETS LTD (Registered number: 03533527)






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


M.G.ASSETS LTD

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr Y Blie





REGISTERED OFFICE: 111 College Hill Road
Harrow Weald
Harrow
Middlesex
HA3 7BT





REGISTERED NUMBER: 03533527





ACCOUNTANT: MGS CONSULTING
Chartered Certified Accountant & Business Adviser
111 College Hill Road
Harrow
Middlesex
HA3 7BT

M.G.ASSETS LTD (Registered number: 03533527)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 256,534 256,810
Investments 5 1 1
256,535 256,811

CURRENT ASSETS
Prepayments and accrued income 2,131 2,131
Cash at bank 329,521 319,852
331,652 321,983
CREDITORS
Amounts falling due within one year 6 165,123 158,876
NET CURRENT ASSETS 166,529 163,107
TOTAL ASSETS LESS CURRENT
LIABILITIES

423,064

419,918

CAPITAL AND RESERVES
Called up share capital 4 4
Revaluation reserve 7 57,155 57,155
Retained earnings 7 365,905 362,759
SHAREHOLDERS' FUNDS 423,064 419,918

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 director acknowledges his 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.

M.G.ASSETS LTD (Registered number: 03533527)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 17 August 2024 and were signed by:





Mr Y Blie - Director


M.G.ASSETS LTD (Registered number: 03533527)

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

1. STATUTORY INFORMATION

M.G.ASSETS LTD is a private company, limited by shares , registered in Not specified/Other. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Computer
Premises fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 255,704 7,000 2,319 265,023
DEPRECIATION
At 1 April 2023 - 6,879 1,334 8,213
Charge for year - 30 246 276
At 31 March 2024 - 6,909 1,580 8,489
NET BOOK VALUE
At 31 March 2024 255,704 91 739 256,534
At 31 March 2023 255,704 121 985 256,810

The Lease of the Property held by the Company has been extended and is now a long lease.

Further M.G.Assets Ltd has acquired a share in Perrycourt Freehold Limited which holds the Freehold.

M.G.ASSETS LTD (Registered number: 03533527)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Payments on account 460 460
Tax 794 567
Other creditors 108,487 108,487
Directors' current accounts 51,706 45,821
Accrued expenses 3,676 3,541
165,123 158,876

7. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 362,759 57,155 419,914
Profit for the year 3,146 3,146
At 31 March 2024 365,905 57,155 423,060

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr Y Blie
Balance outstanding at start of year - 43,022
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -