Company registration number 11189720 (England and Wales)
MJG GAS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MJG GAS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
MJG GAS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,264
15,719
Current assets
Stocks
2,200
4,880
Debtors
4
52,721
45,338
Cash at bank and in hand
984
3,731
55,905
53,949
Creditors: amounts falling due within one year
5
(67,894)
(67,943)
Net current liabilities
(11,989)
(13,994)
Total assets less current liabilities
275
1,725
Creditors: amounts falling due after more than one year
6
(137)
(1,625)
Net assets
138
100
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
38
-
0
Total equity
138
100

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 9 October 2024
Mr M J Grant
Director
Company registration number 11189720 (England and Wales)
MJG GAS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
27
127
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
17,431
17,431
Dividends
-
(17,458)
(17,458)
Balance at 31 December 2022
100
-
0
100
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
29,038
29,038
Dividends
-
(29,000)
(29,000)
Balance at 31 December 2023
100
38
138
MJG GAS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

MJG Gas Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 50 Friars Lane, Barrow in Furness, LA13 9NW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Taxation

The tax expense represents the sum of the tax currently payable. Deferred tax is not provided.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

MJG GAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
24,064
Additions
635
At 31 December 2023
24,699
Depreciation and impairment
At 1 January 2023
8,345
Depreciation charged in the year
4,090
At 31 December 2023
12,435
Carrying amount
At 31 December 2023
12,264
At 31 December 2022
15,719
MJG GAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,566
13,004
Other debtors
50,155
32,334
52,721
45,338
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,416
5,583
Corporation tax
35,919
18,191
Other taxation and social security
13,447
31,429
Other creditors
12,112
12,740
67,894
67,943
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
137
1,625
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