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REGISTERED NUMBER: 13719415 (England and Wales)















MG ON TRACK LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024






MG ON TRACK LIMITED (REGISTERED NUMBER: 13719415)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MG ON TRACK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2024







DIRECTORS: Mrs S Goodman
M Goodman





REGISTERED OFFICE: W H Prior
Railway Court
Doncaster
South Yorkshire
DN4 5FB





REGISTERED NUMBER: 13719415 (England and Wales)





ACCOUNTANTS: W H Prior
Chartered Certified Accountants
Railway Court
Off Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB

MG ON TRACK LIMITED (REGISTERED NUMBER: 13719415)

BALANCE SHEET
30TH NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 366 1,216

CURRENT ASSETS
Debtors 5 4,572 7,839
Cash at bank 38,590 21,920
43,162 29,759
CREDITORS
Amounts falling due within one year 6 8,002 7,120
NET CURRENT ASSETS 35,160 22,639
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,526

23,855

PROVISIONS FOR LIABILITIES 83 231
NET ASSETS 35,443 23,624

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 35,343 23,524
SHAREHOLDERS' FUNDS 35,443 23,624

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

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

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th January 2025 and were signed on its behalf by:





M Goodman - Director


MG ON TRACK LIMITED (REGISTERED NUMBER: 13719415)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2024


1. STATUTORY INFORMATION

MG On Track 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods - Turnover from the sale of goods is recognised at the point of sale.

Rendering of services - Turnover from the provision of services is recognised on completion of the service and, for engagements spanning the balance sheet date, it is recognised by reference to the stage of completion at the balance sheet date.

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 - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

MG ON TRACK LIMITED (REGISTERED NUMBER: 13719415)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st December 2023
and 30th November 2024 2,548
DEPRECIATION
At 1st December 2023 1,332
Charge for year 850
At 30th November 2024 2,182
NET BOOK VALUE
At 30th November 2024 366
At 30th November 2023 1,216

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,495 4,700
Amounts recoverable on contract - 3,065
Other debtors 77 74
4,572 7,839

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 5,833 4,594
Other creditors 2,169 2,526
8,002 7,120

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors have jointly advanced monies to the company, with the balance of funds owing to the directors at the balance sheet date being £320 (2023:£260). These funds have been advanced on an interest free basis and no security has been given.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the two directors who together hold 100% of the issued share capital of the company.