Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3111true2023-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseArchitecture and interior designtruefalse 05693641 2023-04-01 2024-03-31 05693641 2022-04-01 2023-03-31 05693641 2024-03-31 05693641 2023-03-31 05693641 2022-04-01 05693641 c:Director1 2023-04-01 2024-03-31 05693641 d:MotorVehicles 2023-04-01 2024-03-31 05693641 d:FurnitureFittings 2023-04-01 2024-03-31 05693641 d:FurnitureFittings 2024-03-31 05693641 d:FurnitureFittings 2023-03-31 05693641 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05693641 d:CurrentFinancialInstruments 2024-03-31 05693641 d:CurrentFinancialInstruments 2023-03-31 05693641 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05693641 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05693641 d:ShareCapital 2024-03-31 05693641 d:ShareCapital 2023-03-31 05693641 d:RetainedEarningsAccumulatedLosses 2024-03-31 05693641 d:RetainedEarningsAccumulatedLosses 2023-03-31 05693641 c:FRS102 2023-04-01 2024-03-31 05693641 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05693641 c:FullAccounts 2023-04-01 2024-03-31 05693641 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05693641 d:WithinOneYear 2024-03-31 05693641 d:WithinOneYear 2023-03-31 05693641 d:BetweenOneFiveYears 2024-03-31 05693641 d:BetweenOneFiveYears 2023-03-31 05693641 2 2023-04-01 2024-03-31 05693641 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 05693641 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05693641 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 05693641






MGHS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










img7b89.png

 
MGHS LIMITED
REGISTERED NUMBER:05693641

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,811
39

  
2,811
39

Current assets
  

Debtors: amounts falling due within one year
 5 
3,790
2,889

Cash at bank and in hand
  
15,044
10,458

  
18,834
13,347

Creditors: amounts falling due within one year
 6 
(21,075)
(12,979)

Net current (liabilities)/assets
  
 
 
(2,241)
 
 
368

Total assets less current liabilities
  
570
407

Provisions for liabilities
  

Deferred tax
 7 
(534)
-

  
 
 
(534)
 
 
-

Net assets
  
36
407


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
35
406

  
36
407

Page 1

 
MGHS LIMITED
REGISTERED NUMBER:05693641
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



M Goetz-Hunter
Director

Date: 25 November 2024

Page 2

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

1.


General information

MGHS Limited is a private company limited by shares, incorporated by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of architecture and interior design.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Page 3

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

2.Accounting policies (continued)


2.4
Current and deferred taxation (continued)

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
15%
Reducing balance
Fixtures and fittings
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

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

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 -1).

Page 5

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

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
4,774


Additions
2,863



At 31 March 2024

7,637



Depreciation


At 1 April 2023
4,735


Charge for the year on owned assets
91



At 31 March 2024

4,826



Net book value



At 31 March 2024
2,811



At 31 March 2023
39


5.


Debtors

2024
2023
£
£


Trade debtors
12
-

Other debtors
2,702
-

Prepayments and accrued income
1,076
1,394

Tax recoverable
-
1,495

3,790
2,889


Page 6

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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,033
158

Other taxation and social security
27
2,633

Other creditors
13,053
8,220

Accruals and deferred income
1,962
1,968

21,075
12,979



7.


Deferred taxation




2024
2023


£

£






At beginning of year
-
142


Charged to profit or loss
534
(142)



At end of year
534
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
534
-

534
-


8.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,704
1,703

Later than 1 year and not later than 5 years
-
1,704

1,704
3,407

 
Page 7