Registered number
04179998
M.G.D. Limited
Unaudited Filleted Accounts
For the Year Ended
31 March 2024
M.G.D. Limited
Registered number: 04179998
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 513,031 541,253
Current assets
Stocks 12,343 3,824
Debtors 4 114,893 275,474
Cash at bank and in hand 464,914 175,492
592,150 454,790
Creditors: amounts falling due within one year 5 (160,945) (151,618)
Net current assets 431,205 303,172
Total assets less current liabilities 944,236 844,425
Creditors: amounts falling due after more than one year 6 (38,101) (46,961)
Provisions for liabilities (35,465) (31,468)
Net assets 870,670 765,996
Capital and reserves
Called up share capital 2 2
Profit and loss account 870,668 765,994
Shareholders' funds 870,670 765,996
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Gibson
Director
Approved by the board on 5 November 2024
M.G.D. Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 1% reducing balance
Plant and machinery 10% reducing balance
Computer equipment over 3 years
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debt factoring
Factored debts are shown gross under current assets and the proceeds from the factor are included within bank loans and overdrafts.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 446,089 234,911 160,083 841,083
Additions - - 2,500 2,500
At 31 March 2024 446,089 234,911 162,583 843,583
Depreciation
At 1 April 2023 70,459 129,747 99,624 299,830
Charge for the year 4,460 10,520 15,742 30,722
At 31 March 2024 74,919 140,267 115,366 330,552
Net book value
At 31 March 2024 371,170 94,644 47,217 513,031
At 31 March 2023 375,630 105,164 60,459 541,253
4 Debtors 2024 2023
£ £
Trade debtors 112,823 122,859
Other debtors 2,070 152,615
114,893 275,474
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 64,504 49,808
Corporation tax 54,213 29,002
Other taxes and social security costs 31,735 50,122
Other creditors 10,493 22,686
160,945 151,618
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 16,667
Other creditors 26,434 30,294
38,101 46,961
7 Other information
M.G.D. Limited is a private company limited by shares and incorporated in England. Its registered office is:
Mintsfeet Road South
Kendal
Cumbria
LA9 6ND
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