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Registered number: 6271740
MG Electrical Solutions Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
C.S. Watson & Co
Suite OWS
Central House
High Street
Ongar
CM5 9AA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 6271740
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,074 2,766
2,074 2,766
CURRENT ASSETS
Stocks 5 2,004 5,749
Debtors 6 14,663 12,965
Cash at bank and in hand 13,606 2,421
30,273 21,135
Creditors: Amounts Falling Due Within One Year 7 (21,813 ) (16,487 )
NET CURRENT ASSETS (LIABILITIES) 8,460 4,648
TOTAL ASSETS LESS CURRENT LIABILITIES 10,534 7,414
PROVISIONS FOR LIABILITIES
Deferred Taxation (394 ) (526 )
NET ASSETS 10,140 6,888
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 10,040 6,788
SHAREHOLDERS' FUNDS 10,140 6,888
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Martin Garrard
Director
17/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MG Electrical Solutions Ltd Registered number 6271740 is a limited by shares company incorporated in England & Wales. The Registered Office is 81 Lime Grove, Doddinghurst, Brentwood, Essex, CM15 0QX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 August 2023 24,893
As at 31 July 2024 24,893
Depreciation
As at 1 August 2023 22,127
Provided during the period 692
As at 31 July 2024 22,819
Net Book Value
As at 31 July 2024 2,074
As at 1 August 2023 2,766
5. Stocks
2024 2023
£ £
Stock 2,004 5,749
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,663 12,965
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,372 5,619
Corporation tax 6,758 6,090
Other taxes and social security 1,155 1,310
VAT 784 1,191
Other creditors 1,114 2,174
Directors' loan accounts 2,630 103
21,813 16,487
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 25,000 34,000
11. Controlling Party
The company's controlling party is M Garrard by virtue of his ownership of 60% of the issued share capital in the company.
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