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Registration number: SC545568

MPG Engineering Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2024

 

MPG Engineering Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Abridged Balance Sheet

5 to 6

Notes to the Unaudited Abridged Financial Statements

7 to 12

 

MPG Engineering Ltd

Company Information

Director

Mr Charles Desmond McCaffery

Registered office

8 Booth Place
Falkirk
FK1 1BA

Accountants

Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

MPG Engineering Ltd

Director's Report for the Year Ended 30 September 2024

The director presents his report and the abridged financial statements for the year ended 30 September 2024.

Director of the company

The director who held office during the year was as follows:

Mr Charles Desmond McCaffery

Principal activity

The principal activity of the company is motor repairs

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 23 October 2024
 

.........................................
Mr Charles Desmond McCaffery
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MPG Engineering Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MPG Engineering Ltd for the year ended 30 September 2024 as set out on pages 4 to 12 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 MPG Engineering Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MPG Engineering Ltd and state those matters that we have agreed to state to the Board of Directors of MPG Engineering Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MPG Engineering Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MPG Engineering 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 profit of MPG Engineering Ltd. You consider that MPG Engineering 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 MPG Engineering 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.



Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

MPG Engineering Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

 

43,824

22,963

Cost of sales

 

(18,197)

(11,727)

Gross profit

 

25,627

11,236

Administrative expenses

 

(7,110)

(6,207)

Operating profit

 

18,517

5,029

Profit before tax

4

18,517

5,029

Taxation

 

(2,615)

-

Profit for the financial year

 

15,902

5,029

Retained earnings brought forward

 

(2,154)

(7,183)

Dividends paid

 

(1,000)

-

Retained earnings carried forward

 

12,748

(2,154)

 

MPG Engineering Ltd

(Registration number: SC545568)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,972

1,246

Current assets

 

Debtors

6,582

3,810

Cash at bank and in hand

 

7,338

2,797

 

13,920

6,607

Creditors: Amounts falling due within one year

(4,494)

(1,938)

Net current assets

 

9,426

4,669

Total assets less current liabilities

 

15,398

5,915

Creditors: Amounts falling due after more than one year

(2,164)

(7,678)

Accruals and deferred income

 

(436)

(341)

Net assets/(liabilities)

 

12,798

(2,104)

Capital and reserves

 

Called up share capital

6

50

50

Retained earnings

12,748

(2,154)

Shareholders' funds/(deficit)

 

12,798

(2,104)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 23 October 2024
 

 

MPG Engineering Ltd

(Registration number: SC545568)
Abridged Balance Sheet as at 30 September 2024 (continued)

.........................................
Mr Charles Desmond McCaffery
Director

 

MPG Engineering Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
8 Booth Place
Falkirk
FK1 1BA
Scotland

These financial statements were authorised for issue by the director on 23 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

MPG Engineering Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible 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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Commercial vehicles

25% reducing balance

Office equipment

25% reducing balance

Tools and equipment

20% cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

MPG Engineering Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,252

724

 

MPG Engineering Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024 (continued)

5

Tangible assets

Plant and machinery
£

Office equipment
£

Commercial vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

8,252

889

3,000

12,141

Additions

-

762

6,750

7,512

Disposals

-

-

(3,000)

(3,000)

At 30 September 2024

8,252

1,651

6,750

16,653

Depreciation

At 1 October 2023

7,991

438

2,466

10,895

Charge for the year

261

303

1,688

2,252

Eliminated on disposal

-

-

(2,466)

(2,466)

At 30 September 2024

8,252

741

1,688

10,681

Carrying amount

At 30 September 2024

-

910

5,062

5,972

At 30 September 2023

261

451

534

1,246

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

50

50

50

50

       

7

Dividends

 

MPG Engineering Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024 (continued)

7

Dividends (continued)

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £1,000.00 (2023 - £Nil) per ordinary share

1,000

-

1,000

-

 

 

8

Related party transactions

 

MPG Engineering Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024 (continued)

8

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

733

2,058