Caseware UK (AP4) 2024.0.164 2024.0.164 2024-01-312024-01-31provision of construction servicestrue2023-02-01false44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC347540 2023-02-01 2024-01-31 OC347540 2021-08-01 2023-01-31 OC347540 2024-01-31 OC347540 2023-01-31 OC347540 2021-08-01 OC347540 c:MotorVehicles 2023-02-01 2024-01-31 OC347540 c:MotorVehicles 2024-01-31 OC347540 c:MotorVehicles 2023-01-31 OC347540 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 OC347540 c:CurrentFinancialInstruments 2024-01-31 OC347540 c:CurrentFinancialInstruments 2023-01-31 OC347540 c:Non-currentFinancialInstruments 2024-01-31 OC347540 c:Non-currentFinancialInstruments 2023-01-31 OC347540 c:CurrentFinancialInstruments c:WithinOneYear 2024-01-31 OC347540 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-31 OC347540 c:Non-currentFinancialInstruments c:AfterOneYear 2024-01-31 OC347540 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-31 OC347540 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-01-31 OC347540 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-01-31 OC347540 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-01-31 OC347540 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-01-31 OC347540 c:OtherMiscellaneousReserve 2023-02-01 2024-01-31 OC347540 c:OtherMiscellaneousReserve 2024-01-31 OC347540 c:OtherMiscellaneousReserve 2021-08-01 2023-01-31 OC347540 c:OtherMiscellaneousReserve 2023-01-31 OC347540 c:OtherMiscellaneousReserve 2021-08-01 OC347540 c:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 OC347540 c:RetainedEarningsAccumulatedLosses 2024-01-31 OC347540 c:RetainedEarningsAccumulatedLosses 2021-08-01 2023-01-31 OC347540 c:RetainedEarningsAccumulatedLosses 2023-01-31 OC347540 c:RetainedEarningsAccumulatedLosses 2021-08-01 OC347540 d:FRS102 2023-02-01 2024-01-31 OC347540 d:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 OC347540 d:FullAccounts 2023-02-01 2024-01-31 OC347540 d:LimitedLiabilityPartnershipLLP 2023-02-01 2024-01-31 OC347540 c:WithinOneYear 2024-01-31 OC347540 c:WithinOneYear 2023-01-31 OC347540 c:BetweenOneFiveYears 2024-01-31 OC347540 c:BetweenOneFiveYears 2023-01-31 OC347540 d:PartnerLLP3 2023-02-01 2024-01-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-02-01 2024-01-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-01-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-08-01 2023-01-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-01-31 OC347540 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-08-01 OC347540 c:FurtherSpecificReserve2ComponentTotalEquity 2024-01-31 OC347540 c:FurtherSpecificReserve2ComponentTotalEquity 2023-01-31 OC347540 c:FurtherSpecificReserve3ComponentTotalEquity 2024-01-31 OC347540 c:FurtherSpecificReserve3ComponentTotalEquity 2023-01-31 OC347540 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: OC347540










MGS CONSTRUCTION (UK) LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
MGS CONSTRUCTION (UK) LLP
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MGS CONSTRUCTION (UK) LLP
FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of MGS Construction (UK) LLP for the year ended 31 January 2024 which comprise the Statement of financial position, the Statement of changes in equity and the related notes from the LLP's accounting records and from information and explanations you have given us.

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

This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MGS Construction (UK) LLP and state those matters that we have agreed to state to the MGS Construction (UK) LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGS Construction (UK) LLP and its members for our work or for this report. 

It is your duty to ensure that MGS Construction (UK) LLP 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 result of MGS Construction (UK) LLP. You consider that MGS Construction (UK) LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of MGS Construction (UK) LLP. 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.

  



McColes & Co (Herts) Ltd
 
Chartered Accountants
  
First Floor
28 Whitehorse Street
Baldock
Hertfordshire
SG7 6QQ
23 January 2025
Page 1

 
MGS CONSTRUCTION (UK) LLP
REGISTERED NUMBER: OC347540

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,232
20,310

  
15,232
20,310

Current assets
  

Stocks
  
124,165
62,746

Debtors: amounts falling due within one year
 5 
26,084
2,821

Cash at bank and in hand
  
14,158
30,223

  
164,407
95,790

Creditors: Amounts Falling Due Within One Year
 6 
(284,964)
(141,569)

Net current liabilities
  
 
 
(120,557)
 
 
(45,779)

Total assets less current liabilities
  
(105,325)
(25,469)

Creditors: amounts falling due after more than one year
 7 
(13,333)
(23,333)

  
(118,658)
(48,802)

  

Net liabilities
  
(118,658)
(48,802)


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
(802,002)
(724,774)

  
(802,002)
(724,774)

Members' other interests
  

Members' capital classified as equity
  
683,347
675,974

Other reserves classified as equity
  
(3)
(2)

  
 
683,344
 
675,972

  
(118,658)
(48,802)


Total members' interests
  

Loans and other debts due to members
  
(802,002)
(724,774)

Members' other interests
  
683,344
675,972

  
(118,658)
(48,802)


Page 2

 
MGS CONSTRUCTION (UK) LLP
REGISTERED NUMBER: OC347540
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 January 2025.




M R Jones
Designated member

The notes on pages 6 to 13 form part of these financial statements.

Page 3

 
MGS CONSTRUCTION (UK) LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Members capital (classified as equity)
Other reserves
Retained earnings
Total equity

£
£
£
£

At 1 February 2023
675,974
(2)
(1)
675,971


Comprehensive income for the year


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
-
-


Contributions by and distributions to members

Capital introduced by members
7,373
-
-
7,373


Total transactions with members
7,373
-
-
7,373


At 31 January 2024
683,347
(2)
(1)
683,344

The notes on pages 6 to 13 form part of these financial statements.

Page 4

 
MGS CONSTRUCTION (UK) LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Members capital (classified as equity)
Other reserves
Retained earnings
Total equity

£
£
£
£

At 1 August 2021
572,874
(1)
(1)
572,872


Comprehensive income for the period

Loss for period for discretionary division among members

-
(1)
-
(1)


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
(1)
-
(1)


Contributions by and distributions to members

Capital introduced by members
103,101
-
-
103,101


Total transactions with members
103,101
-
-
103,101


At 31 January 2023
675,975
(2)
(1)
675,972


The notes on pages 6 to 13 form part of these financial statements.

Page 5

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies

 
1.1

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:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 LLP 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.

 
1.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 6

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.4

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.

 
1.5

Borrowing costs

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

 
1.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
1.7

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, using the methods below.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance

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.

Page 7

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.9

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.

 
1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.11

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.


2.


General information

MGS Construction (UK) LLP is a limited liability partnership registered in England.
Its registered number is: OC347540
Its Registered Office is: 
First Floor
28 Whitehorse Street
Baldock
Hertfordshire
SG7 6QQ


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 8

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 February 2023
64,188



At 31 January 2024

64,188



Depreciation


At 1 February 2023
43,879


Charge for the year on financed assets
5,077



At 31 January 2024

48,956



Net book value



At 31 January 2024
15,232



At 31 January 2023
20,310


5.


Debtors

2024
2023
£
£


Trade debtors
26,084
2,821

26,084
2,821


Page 9

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Payments received on account
132,804
41,877

Trade creditors
80,181
44,461

Other taxation and social security
57,879
41,131

Accruals and deferred income
4,100
4,100

284,964
141,569



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,333
23,333

13,333
23,333


Page 10

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
3,334
13,333


3,334
13,333


23,334
33,333


Page 11

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Reconciliation of members' interests 







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due to members
(724,774)
(724,774)

Loss for the year available for discretionary division among members
 
-
(1)
(1)
-
-
(1)

Members' interests after profit for the year
675,974
(3)
675,971
(724,774)
(724,774)
(48,803)

Other division of profits
-
-
-
1,612
1,612
1,612

Amounts introduced by members
7,373
-
7,373
-
-
7,373

Drawings on account and distribution of profit
-
-
-
(78,840)
(78,840)
(78,840)

Amounts due to members
(802,002)
(802,002)

Balance at 31 January 2024 
683,347
(3)
683,344
(802,002)
(802,002)
(118,658)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.



Page 12

 
MGS CONSTRUCTION (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Commitments under operating leases

At 31 January 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
7,848
13,889

Later than 1 year and not later than 5 years
1,308
9,156

9,156
23,045

 
Page 13