Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
219,165 | 111,536 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
964,206 | 882,924 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 600,589 | 581,107 | ||
Total assets less current liabilities | 819,754 | 692,643 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mig Anglia Limited (registered number:
H B Chapman
Director |
B J Chapman
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mig Anglia Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Thorpe Market Road, Southrepps, Norfolk, NR11 8NQ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.
Plant and machinery |
|
Vehicles |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets or liabilities like trade and other debtors and creditors, loan from banks and other third parties, loan to related parties and investments in ordinary shares.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 August 2023 |
|
|
|
At 31 July 2024 |
|
|
|
Accumulated amortisation | |||
At 01 August 2023 |
|
|
|
At 31 July 2024 |
|
|
|
Net book value | |||
At 31 July 2024 |
|
|
|
At 31 July 2023 |
|
|
Plant and machinery | Vehicles | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 August 2023 |
|
|
|
||
Additions |
|
|
|
||
At 31 July 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 August 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 July 2024 |
|
|
|
||
Net book value | |||||
At 31 July 2024 |
|
|
|
||
At 31 July 2023 |
|
|
|
Vehicles
2024: £71,138
2023: £26,408
Plant and Machinery
2024: £89,610
2023: £nil
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Prepayments |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to directors |
|
|
|
Accruals |
|
|
|
Taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
|
|
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,369 (2023 - £4,778). Contributions totalling £1,057 (2023 - £981) were payable to the fund at the reporting date and are included in creditors.
The balance on the director's loan accounts at 31 July 2024 is £51,445 (2023 : £37,298) and is included in other creditors.
The company operates from the premises owned by a director for which no rent is charged.