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M F G INTERIORS LTD

Registered Number
13571008
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

M F G INTERIORS LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

Stephen Fozzard
Anthony Garwell
David McKenna

Registered Address

253-259 Whitehall Road
Leeds
LS12 6ER

Registered Number

13571008 (England and Wales)
M F G INTERIORS LTD
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets317,72528,374
17,72528,374
Current assets
Stocks47,5007,500
Debtors47,04235,528
Cash at bank and on hand47,07251,830
101,61494,858
Creditors amounts falling due within one year5(83,657)(65,580)
Net current assets (liabilities)17,95729,278
Total assets less current liabilities35,68257,652
Creditors amounts falling due after one year6(10,693)(16,271)
Provisions for liabilities8(3,368)(5,391)
Net assets21,62135,990
Capital and reserves
Called up share capital33
Profit and loss account21,61835,987
Shareholders' funds21,62135,990
The financial statements were approved and authorised for issue by the Board of Directors on 30 September 2024, and are signed on its behalf by:
Anthony Garwell
Director
Registered Company No. 13571008
M F G INTERIORS LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 July 2315,00028,24343,243
At 30 June 2415,00028,24343,243
Depreciation and impairment
At 01 July 238,7506,11914,869
Charge for year5,0005,64910,649
At 30 June 2413,75011,76825,518
Net book value
At 30 June 241,25016,47517,725
At 30 June 236,25022,12428,374
4.Stocks

2024

2023

££
Finished goods7,5007,500
Total7,5007,500
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables14,11112,003
Taxation and social security30,46628,118
Finance lease and HP contracts5,5795,579
Other creditors9983
Accrued liabilities and deferred income33,40219,797
Total83,65765,580
6.Creditors: amounts due after one year

2024

2023

££
Other creditors10,69316,271
Total10,69316,271
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts10,69316,271
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,3685,391
Total3,3685,391