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REGISTERED NUMBER: 04187886 (England and Wales)















MGS ELECTRICAL INSTALLATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024






MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


MGS ELECTRICAL INSTALLATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: D Syrett





REGISTERED OFFICE: Town Wall House
Balkerne Hill
Colchester
Essex
CO3 3AD





REGISTERED NUMBER: 04187886 (England and Wales)

MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 43,969 55,916
Investments 5 40 -
44,009 55,916

CURRENT ASSETS
Stocks 6,519 50,283
Debtors 6 456,139 195,099
Cash at bank and in hand 103,604 348,693
566,262 594,075
CREDITORS
Amounts falling due within one year 7 (62,621 ) (119,262 )
NET CURRENT ASSETS 503,641 474,813
TOTAL ASSETS LESS CURRENT LIABILITIES 547,650 530,729

PROVISIONS FOR LIABILITIES (10,988 ) (10,619 )
NET ASSETS 536,662 520,110

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 536,562 520,010
536,662 520,110

MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 November 2024 and were signed by:





D Syrett - Director


MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

MGS Electrical Installations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

For the purposes of presentation the financial statements are rounded to the nearest pound sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33.33% straight line
Fixtures, fittings & office equipment - 20% on reducing balance
Motor vehicles - 33.33% straight line

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Plant and & office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 April 2023 9,544 28,409 95,683 133,636
Additions - 2,423 - 2,423
At 31 March 2024 9,544 30,832 95,683 136,059
DEPRECIATION
At 1 April 2023 7,103 22,893 47,724 77,720
Charge for year 490 1,890 11,990 14,370
At 31 March 2024 7,593 24,783 59,714 92,090
NET BOOK VALUE
At 31 March 2024 1,951 6,049 35,969 43,969
At 31 March 2023 2,441 5,516 47,959 55,916

MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 40
At 31 March 2024 40
NET BOOK VALUE
At 31 March 2024 40

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 100,748 91,719
Amounts owed by related undertakings 105,333 75,833
Other debtors 250,058 27,547
456,139 195,099

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans - 9,229
Trade creditors 15,808 65,180
Taxation and social security 31,686 26,418
Other creditors 15,127 18,435
62,621 119,262

There is a fixed and floating charge held over all property or undertaking of the company created on 11 March 2015 held by Lloyds Bank Plc.

8. LEASING AGREEMENTS
At the Balance Sheet date the company had commitments under a non-cancellable operating leases amounting to £6,967.

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 9,229

The bank loan is secured by way of fixed and floating charges over the company's assets.

MGS ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 04187886)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year a sum of £227,226 was advanced to D Syrett and £2,301 was repaid. As at the year end a sum of £224,925 remained outstanding.

The directors loan account balance is repayable on demand.

11. RELATED PARTY DISCLOSURES

At the Balance Sheet date the company was owed £105,333 (2023 £75,833) from multiple companies under common control, this is included in debtors as an amount owed by a related undertaking. The balance is interest free and repayable on demand.