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REGISTERED NUMBER: 04188604 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

MG PROJECT MANAGEMENT LIMITED

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MG PROJECT MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: J R Griffiths
Mrs A Griffiths





SECRETARY: Mrs A Griffiths





REGISTERED OFFICE: 3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW





BUSINESS ADDRESS: Tanfield Tye Farm
West Hanningfield
Chelmsford
Essex
CM2 8UD





REGISTERED NUMBER: 04188604 (England and Wales)





ACCOUNTANTS: GKP (Ampthill) Limited
Chartered Accountants
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 125,939 129,806
Investment property 5 225,000 200,000
350,939 329,806

CURRENT ASSETS
Stocks 5,000 -
Debtors 6 163,450 254,878
Cash at bank 14,404 177,852
182,854 432,730
CREDITORS
Amounts falling due within one year 7 146,981 271,010
NET CURRENT ASSETS 35,873 161,720
TOTAL ASSETS LESS CURRENT
LIABILITIES

386,812

491,526

CREDITORS
Amounts falling due after more than one
year

8

(6,019

)

(16,337

)

PROVISIONS FOR LIABILITIES 10 (36,503 ) (27,997 )
NET ASSETS 344,290 447,192

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Revaluation reserve 11 82,067 63,317
Retained earnings 261,123 382,775
SHAREHOLDERS' FUNDS 344,290 447,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

BALANCE SHEET - continued
30 APRIL 2024


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 Board of Directors and authorised for issue on 15 January 2025 and were signed on its behalf by:





J R Griffiths - Director


MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

MG Project Management 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.

The presentation currency of the financial statements is the 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 as modified by the revaluation of certain assets.

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
Tangible fixed assets are measured using the cost model.These assets are stated at cost less depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful life on the following basis:

Asset Basis
Biological assets- Straight line over 20 years
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Depreciation is calculated on a monthly basis from the month of acquisition.

The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in each product indicate the carrying value may not be recoverable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 9 (2023 - 10 ) .

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Biological Plant and and
assets machinery fittings
£ £ £
COST
At 1 May 2023 20,050 71,563 90,401
Additions 10,476 13,965 -
At 30 April 2024 30,526 85,528 90,401
DEPRECIATION
At 1 May 2023 418 2,120 85,869
Charge for year 1,439 16,216 1,133
At 30 April 2024 1,857 18,336 87,002
NET BOOK VALUE
At 30 April 2024 28,669 67,192 3,399
At 30 April 2023 19,632 69,443 4,532

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 May 2023 79,562 98,078 359,654
Additions - - 24,441
At 30 April 2024 79,562 98,078 384,095
DEPRECIATION
At 1 May 2023 49,250 92,191 229,848
Charge for year 7,577 1,943 28,308
At 30 April 2024 56,827 94,134 258,156
NET BOOK VALUE
At 30 April 2024 22,735 3,944 125,939
At 30 April 2023 30,312 5,887 129,806

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 May 2023
and 30 April 2024 37,955
DEPRECIATION
At 1 May 2023 9,489
Charge for year 7,116
At 30 April 2024 16,605
NET BOOK VALUE
At 30 April 2024 21,350
At 30 April 2023 28,466

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 May 2023 200,000
Additions 25,000
At 30 April 2024 225,000
NET BOOK VALUE
At 30 April 2024 225,000
At 30 April 2023 200,000

The investment property was revalued to £225,000 on a market value basis by the directors.

Fair value at 30 April 2024 is represented by:
£
Valuation in 2024 225,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 115,577 115,577

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 95,169 204,335
Other debtors - 2,119
Tax 23,639 -
Prepayments and accrued income 44,642 48,424
163,450 254,878

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts 10,318 10,318
Trade creditors 69,330 94,058
Tax - 47,773
Social security and other taxes 11,007 12,160
VAT 28,069 24,907
Directors' current accounts 20,579 73,084
Accrued expenses 7,678 8,710
146,981 271,010

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Hire purchase contracts 6,019 16,337

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 16,337 26,655

Hire purchase liabilities are secured on the assets acquired.

10. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 36,503 27,997

Deferred tax
£
Balance at 1 May 2023 27,997
Provided during year 8,506
Balance at 30 April 2024 36,503

MG PROJECT MANAGEMENT LIMITED (REGISTERED NUMBER: 04188604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. PROVISIONS FOR LIABILITIES - continued

Deferred tax relates to capital allowances in excess of depreciation and a provision for deferred tax on the revaluation of investment property.

11. RESERVES
Revaluation
reserve
£
At 1 May 2023 63,317
Property revaluation 18,750

At 30 April 2024 82,067

12. RELATED PARTY DISCLOSURES

During the year the company paid £30,000 (2023 £60,000) rent to the directors Mr & Mrs J Griffiths.