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REGISTERED NUMBER: 04055369 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

MYG CONSTRUCTION LIMITED

MYG CONSTRUCTION LIMITED (REGISTERED NUMBER: 04055369)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MYG CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: M J Renforth
Mrs Y E Renforth
K Apps





SECRETARY: Mrs Y E Renforth





REGISTERED OFFICE: Lothing House
Quay View Business Park
Barnards Way
Lowestoft
Suffolk
NR32 2HD





REGISTERED NUMBER: 04055369 (England and Wales)





ACCOUNTANTS: Juler Tooke
Lothing House
Quay View Business Park
Barnards Way
Lowestoft
Suffolk
NR32 2HD

MYG CONSTRUCTION LIMITED (REGISTERED NUMBER: 04055369)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 1,294
Tangible assets 5 2,600,005 230,224
Investments 6 100 -
2,600,105 231,518

CURRENT ASSETS
Stocks 855,000 1,165,000
Debtors 7 2,770,727 1,266,321
Cash at bank 2,351,770 1,051,035
5,977,497 3,482,356
CREDITORS
Amounts falling due within one year 8 (6,069,997 ) (2,018,042 )
NET CURRENT (LIABILITIES)/ASSETS (92,500 ) 1,464,314
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,507,605

1,695,832

CREDITORS
Amounts falling due after more than one
year

9

(1,113,893

)

(185,606

)

PROVISIONS FOR LIABILITIES 10 (41,671 ) (22,099 )
NET ASSETS 1,352,041 1,488,127

CAPITAL AND RESERVES
Called up share capital 11 103 103
Retained earnings 12 1,351,938 1,488,024
SHAREHOLDERS' FUNDS 1,352,041 1,488,127

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

MYG CONSTRUCTION LIMITED (REGISTERED NUMBER: 04055369)

BALANCE SHEET - continued
30 SEPTEMBER 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 8 January 2025 and were signed on its behalf by:





M J Renforth - Director


MYG CONSTRUCTION LIMITED (REGISTERED NUMBER: 04055369)

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

1. STATUTORY INFORMATION

MYG Construction 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. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

MYG CONSTRUCTION LIMITED (REGISTERED NUMBER: 04055369)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 69,766
AMORTISATION
At 1 October 2023 68,472
Charge for year 1,294
At 30 September 2024 69,766
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 1,294

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 - 555,096 555,096
Additions 2,300,000 161,915 2,461,915
Disposals - (45,000 ) (45,000 )
At 30 September 2024 2,300,000 672,011 2,972,011
DEPRECIATION
At 1 October 2023 - 324,872 324,872
Charge for year - 65,734 65,734
Eliminated on disposal - (18,600 ) (18,600 )
At 30 September 2024 - 372,006 372,006
NET BOOK VALUE
At 30 September 2024 2,300,000 300,005 2,600,005
At 30 September 2023 - 230,224 230,224

MYG CONSTRUCTION LIMITED (REGISTERED NUMBER: 04055369)

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

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 30 September 2024 100
NET BOOK VALUE
At 30 September 2024 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 2,494,588 837,585
Other debtors 276,139 428,736
2,770,727 1,266,321

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts 107,056 75,928
Trade creditors 496,293 337,301
Taxation and social security 2,839,237 634,310
Other creditors 2,627,411 970,503
6,069,997 2,018,042

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 1,113,893 185,606

10. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 41,671 22,099

Deferred
tax
£   
Balance at 1 October 2023 22,099
Provided during year 19,572
Movement in year
Balance at 30 September 2024 41,671

MYG CONSTRUCTION LIMITED (REGISTERED NUMBER: 04055369)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
100 Ordinary "A" £1 100 100
3 Ordinary "B", "C", & "D" £1 3 3
103 103

12. RESERVES
Retained
earnings
£   

At 1 October 2023 1,488,024
Profit for the year 7,988,914
Dividends (8,125,000 )
At 30 September 2024 1,351,938

13. ULTIMATE CONTROLLING PARTY

The company was under the control of Mr & Mrs M J Renforth as holders of the share capital throughout the
previous year and most of the current year.
The company operates a Loan account with the Directors and the balance as at 30 September 2024 was £105 (30 September 2023 was £970,503).