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Registered number: 12487343
Maughan Group Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Accountancy Solutions (Northern) Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12487343
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 237,970 86,970
237,970 86,970
CURRENT ASSETS
Stocks 5 80,345 92,503
Debtors 6 347,796 260,282
Cash at bank and in hand 4,578 457
432,719 353,242
Creditors: Amounts Falling Due Within One Year 7 (161,211 ) (130,562 )
NET CURRENT ASSETS (LIABILITIES) 271,508 222,680
TOTAL ASSETS LESS CURRENT LIABILITIES 509,478 309,650
Creditors: Amounts Falling Due After More Than One Year 8 (76,600 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (59,493 ) -
NET ASSETS 373,385 309,650
CAPITAL AND RESERVES
Called up share capital 10 110 100
Profit and Loss Account 373,275 309,550
SHAREHOLDERS' FUNDS 373,385 309,650
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Maughan
Director
10/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Maughan Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12487343 . The registered office is Tower Buildings, 9 Oldgate, Morpeth, Northumberland, NE61 1PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% RB
Motor Vehicles 25% RB
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 March 2023 60,994 65,790 126,784
Additions 86,687 138,546 225,233
Disposals (16,500 ) - (16,500 )
As at 29 February 2024 131,181 204,336 335,517
Depreciation
As at 1 March 2023 23,367 16,447 39,814
Provided during the period 17,127 46,973 64,100
Disposals (6,367 ) - (6,367 )
As at 29 February 2024 34,127 63,420 97,547
Net Book Value
As at 29 February 2024 97,054 140,916 237,970
As at 1 March 2023 37,627 49,343 86,970
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Page 5
5. Stocks
2024 2023
£ £
Closing stock and WIP 80,345 92,503
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 313,214 251,762
Prepayments and accrued income - 1,000
MJBC Inter co loan (19,264 ) -
VAT 53,846 7,520
347,796 260,282
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 33,593 -
Trade creditors 88,907 87,813
Corporation tax (1,498 ) 17,952
Other taxes and social security 7,584 1,445
Accruals and deferred income 13,100 8,025
Director's loan account 19,525 15,327
161,211 130,562
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 76,600 -
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 33,593 -
Later than one year and not later than five years 76,600 -
110,193 -
110,193 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 110 100
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