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2023-03-01
Sage Accounts Production 23.0 - FRS102_2023
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Company registration number:
SC336001
MGFI Developments Limited
Unaudited filleted abridged financial statements
29 February 2024
MGFI Developments Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
MGFI Developments Limited
Directors and other information
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Directors |
Mark Ireland |
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Gregor Ireland |
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Fraser Ireland |
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Secretary |
Mark Ireland |
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Company number |
SC336001 |
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Registered office |
Ashburn House |
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St Andrews Road |
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Crail |
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Fife |
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KY10 3UL |
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Accountants |
Paterson Boyd & Co |
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Chartered Certified Accountants |
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8 Mitchell Street |
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Leven |
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Fife |
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KY8 4HJ |
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Bankers |
The Co-operative Bank |
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PO Box 101 |
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1 Balloon Street |
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Manchester |
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M60 3EP |
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MGFI Developments Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of MGFI Developments Limited
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MGFI Developments Limited for the year ended 29 February 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of MGFI Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MGFI Developments Limited and state those matters that we have agreed to state to the board of directors of MGFI Developments Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGFI Developments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that MGFI Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MGFI Developments Limited. You consider that MGFI Developments Limited 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 financial statements of MGFI Developments Limited. 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 financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
29 November 2024
MGFI Developments Limited
Abridged statement of financial position
29 February 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
1,660,000 |
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1,660,000 |
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_______ |
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_______ |
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1,660,000 |
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1,660,000 |
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Current assets |
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Debtors |
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10,000 |
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10,000 |
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Cash at bank and in hand |
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263,982 |
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221,025 |
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_______ |
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_______ |
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273,982 |
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231,025 |
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Creditors: amounts falling due |
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within one year |
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(
463,550) |
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(
474,699) |
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_______ |
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_______ |
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Net current liabilities |
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(
189,568) |
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(
243,674) |
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_______ |
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_______ |
Total assets less current liabilities |
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1,470,432 |
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1,416,326 |
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Provisions for liabilities |
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(
222,553) |
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(
169,140) |
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_______ |
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_______ |
Net assets |
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1,247,879 |
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1,247,186 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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6 |
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300 |
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300 |
Profit and loss account |
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1,247,579 |
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1,246,886 |
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_______ |
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_______ |
Shareholders funds |
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1,247,879 |
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1,247,186 |
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_______ |
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_______ |
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
29 November 2024
, and are signed on behalf of the board by:
Mark Ireland
Director
Company registration number:
SC336001
MGFI Developments Limited
Notes to the financial statements
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Ashburn House, St Andrews Road, Crail, Fife, KY10 3UL.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Taxation
The taxation expense represents the amount of current 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Investment property |
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nil |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
5.
Tangible assets
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£ |
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Cost |
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At 1 March 2023 and 29 February 2024 |
1,660,000 |
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_______ |
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Depreciation |
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At 1 March 2023 and 29 February 2024 |
- |
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_______ |
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Carrying amount |
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At 29 February 2024 |
1,660,000 |
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_______ |
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At 28 February 2023 |
1,660,000 |
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_______ |
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6.
Called up share capital
Issued, called up and fully paid
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2024 |
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2023 |
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No |
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£ |
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No |
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£ |
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Ordinary shares of £
1.00 each |
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300 |
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300 |
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300 |
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300 |
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_______ |
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_______ |
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_______ |
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_______ |
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