Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-312023-04-01falseNo description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12413384 2023-04-01 2024-03-31 12413384 2022-04-01 2023-03-31 12413384 2024-03-31 12413384 2023-03-31 12413384 c:Director1 2023-04-01 2024-03-31 12413384 d:ComputerEquipment 2023-04-01 2024-03-31 12413384 d:ComputerEquipment 2024-03-31 12413384 d:ComputerEquipment 2023-03-31 12413384 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12413384 d:CurrentFinancialInstruments 2024-03-31 12413384 d:CurrentFinancialInstruments 2023-03-31 12413384 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12413384 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12413384 d:ShareCapital 2024-03-31 12413384 d:ShareCapital 2023-03-31 12413384 d:RetainedEarningsAccumulatedLosses 2024-03-31 12413384 d:RetainedEarningsAccumulatedLosses 2023-03-31 12413384 c:FRS102 2023-04-01 2024-03-31 12413384 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12413384 c:FullAccounts 2023-04-01 2024-03-31 12413384 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12413384 2 2023-04-01 2024-03-31 12413384 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 12413384









MGI LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MGI LIMITED
 
 
  
CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MGI LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of MGI Limited for the year ended 31 March 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW)I am subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of MGI Limited in accordance with the terms of my engagement letter dated 09/08/2021My work has been undertaken solely to prepare for your approval the financial statements of MGI Limited and state those matters that I have agreed to state to the director of MGI Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than MGI Limited and its director for my work or for this report. 

It is your duty to ensure that MGI 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 MGI Limited. You consider that MGI Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or review of the financial statements of MGI Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

  



Drennan & Co
 
Chartered Accountants
  
64 Belsize Park
London
NW3 4EH
8 January 2025
Page 1

 
MGI LIMITED
REGISTERED NUMBER: 12413384

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
  
1,969
-

  
1,969
-

Current assets
  

Debtors: amounts falling due within one year
 5 
334,814
224,600

Cash at bank and in hand
 6 
3,889
593

  
338,703
225,193

Creditors: amounts falling due within one year
 7 
(139,085)
(57,974)

Net current assets
  
 
 
199,618
 
 
167,219

Total assets less current liabilities
  
201,587
167,219

  

Net assets
  
201,587
167,219


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
201,577
167,209

  
201,587
167,219


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 comprehensive income 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 on 8 January 2025.



Page 2

 
MGI LIMITED
REGISTERED NUMBER: 12413384
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


W. Mahoney
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

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

1.


General information

The entity is a limited company registered in England & Wales.

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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

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

2.Accounting policies (continued)

 
2.6

Taxation

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.


 
2.7

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, SELECT OR ENTER METHOD.

Depreciation is provided on the following basis:

Computer equipment
-

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.

 
2.8

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.

 
2.9

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 5

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

3.


Employees

2024
2023
£
£

Wages and salaries
14,218
12,227

14,218
12,227


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


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
2,938



At 31 March 2024

2,938



Depreciation


Charge for the year on owned assets
969



At 31 March 2024

969



Net book value



At 31 March 2024
1,969



At 31 March 2023
-


5.


Debtors

2024
2023
£
£


Trade debtors
28,000
14,086

Other debtors
303,254
206,154

Called up share capital not paid
10
10

Prepayments and accrued income
3,550
4,350

334,814
224,600

Page 6

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

5.Debtors (continued)



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,889
593

Less: bank overdrafts
(2,983)
-

906
593



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
2,983
-

Other loans
18
-

Trade creditors
24,908
26,042

Corporation tax
14,628
23,379

Other taxation and social security
91,915
24

Other creditors
2,133
-

Accruals and deferred income
2,500
8,529

139,085
57,974


 
Page 7