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REGISTERED NUMBER: 02221677 (England and Wales)















MGC Holdings Limited

Audited Financial Statements

for the Year Ended 31 August 2024






MGC Holdings Limited (Registered number: 02221677)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


MGC Holdings Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: R A Darling
D Darling
Mrs R Darling-Johnson



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 02221677 (England and Wales)



AUDITORS: Maxwells
Chartered Accountants
and Statutory Auditor
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: Barclays Bank plc
26/30 Regent Street
Weston-super-Mare
North Somerset
BS23 1SH

MGC Holdings Limited (Registered number: 02221677)

Abridged Statement of Financial Position
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 72,497 75,276

CURRENT ASSETS
Debtors 118,512 97,704
Cash at bank 52,988 57,773
171,500 155,477
CREDITORS
Amounts falling due within one year 12,018 12,035
NET CURRENT ASSETS 159,482 143,442
TOTAL ASSETS LESS CURRENT
LIABILITIES

231,979

218,718

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 1,980 1,980
Retained earnings 229,899 216,638
SHAREHOLDERS' FUNDS 231,979 218,718

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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2024 and were signed on its behalf by:





R A Darling - Director


MGC Holdings Limited (Registered number: 02221677)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

MGC Holdings 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have ben prepared in accordance with applicable accounting standards and estimation techniques.

At the time of approving the financial statements the directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

MGC Holdings Limited (Registered number: 02221677)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023
and 31 August 2024 138,875
DEPRECIATION
At 1 September 2023 63,599
Charge for year 2,779
At 31 August 2024 66,378
NET BOOK VALUE
At 31 August 2024 72,497
At 31 August 2023 75,276

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Blannin (Senior Statutory Auditor)
for and on behalf of Maxwells

7. RELATED PARTY DISCLOSURES

At the year end the company was owed £118,512 (2023: £97,704) by Micro Clutch Developments Limited, its parent.

8. ULTIMATE CONTROLLING PARTY

The company is controlled by its parent, Micro Clutch Developments Limited, a company incorporated in the UK.