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Registered Number: 09523239
England and Wales

 

 

 

MG SYSTEMS 2015 LTD


Abridged Accounts
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 16,062    21,046 
16,062    21,046 
Current assets      
Debtors 51,882    40,399 
Cash at bank and in hand 56,020    58,053 
107,902    98,452 
Creditors: amount falling due within one year (82,327)   (75,436)
Net current assets 25,575    23,016 
 
Total assets less current liabilities 41,637    44,062 
Creditors: amount falling due after more than one year (20,630)   (35,423)
Net assets 21,007    8,639 
 

Capital and reserves
     
Called up share capital 4 200    200 
Profit and loss account 20,807    8,439 
Shareholders' funds 21,007    8,639 
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 20 January 2025 and were signed by:


-------------------------------
Mark Stephen Gainford
Director
1
General Information
MG Systems 2015 Ltd is a private company, limited by shares, registered in England and Wales, registration number 09523239, registration address Unit 1 Langston Priory Workshops, Station Road, Kingham, Oxfordshire, OX7 6UP.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Straight Line
Computer Equipment 33 % Straight Line
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 May 2023 685    40,519    189    1,391    42,784 
Additions       638    638 
Disposals        
At 30 April 2024 685    40,519    189    2,029    43,422 
Depreciation
At 01 May 2023 587    20,224    59    868    21,738 
Charge for year 24    5,074    47    477    5,622 
On disposals        
At 30 April 2024 611    25,298    106    1,345    27,360 
Net book values
Closing balance as at 30 April 2024 74    15,221    83    684    16,062 
Opening balance as at 01 May 2023 98    20,295    130    523    21,046 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
80 Ordinary A shares of £1.00 each 80    80 
120 Ordinary shares of £1.00 each 120    120 
200    200 

2