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Registered number: 06200037
MG Contractors Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Ellis Lloyd Jones LLP
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of MG Contractors Limited For The Year Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of MG Contractors Limited For The Year Ended 30 April 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member 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 http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of MG Contractors Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MG Contractors Limited and state those matters that we have agreed to state to the director of MG Contractors Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MG Contractors Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that MG Contractors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of MG Contractors Limited . You consider that MG Contractors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of MG Contractors Limited . 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 financial statements.
Signed
Ellis Lloyd Jones LLP
31/01/2025
Ellis Lloyd Jones LLP
Chartered Accountants
11 Park Square
Newport
NP20 4EL
Page 1
Page 2
Balance Sheet
Registered number: 06200037
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,370 15,490
13,370 15,490
CURRENT ASSETS
Stocks 5 3,000 3,000
Debtors 6 49,110 53,960
Cash at bank and in hand 68,783 19,249
120,893 76,209
Creditors: Amounts Falling Due Within One Year 7 (84,641 ) (47,272 )
NET CURRENT ASSETS (LIABILITIES) 36,252 28,937
TOTAL ASSETS LESS CURRENT LIABILITIES 49,622 44,427
Creditors: Amounts Falling Due After More Than One Year 8 (22,393 ) (35,107 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,343 ) (2,944 )
NET ASSETS 23,886 6,376
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 23,786 6,276
SHAREHOLDERS' FUNDS 23,886 6,376
Page 2
Page 3
For the year ending 30 April 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 M Gwilliam
Director
31/01/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
MG Contractors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06200037 . The registered office is Estate Office, New Dunn Business Park, Sling, Coleford, Gloucestershire, GL16 8JD.
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.
The presentational currency is pound sterling and the figures have been rounded to the nearest pound.
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 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. 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.
2.5. 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 year 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.
...CONTINUED
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2.5. Taxation - continued
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 asset reflects 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 5)
4 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 71,188 63,290 4,483 12,620 151,581
Additions 430 - - 1,908 2,338
As at 30 April 2024 71,618 63,290 4,483 14,528 153,919
Depreciation
As at 1 May 2023 65,074 55,750 4,080 11,187 136,091
Provided during the period 1,636 1,885 101 836 4,458
As at 30 April 2024 66,710 57,635 4,181 12,023 140,549
Net Book Value
As at 30 April 2024 4,908 5,655 302 2,505 13,370
As at 1 May 2023 6,114 7,540 403 1,433 15,490
5. Stocks
2024 2023
£ £
Stock 3,000 3,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 39,060 32,829
Prepayments and accrued income 24 659
Other debtors 6,000 11,500
VAT - 3,190
Other taxes and social security 4,026 5,782
49,110 53,960
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 30,471 19,521
Bank loans and overdrafts 7,789 2,863
Corporation tax 17,767 10,866
VAT 15,934 -
Other creditors 9,720 11,567
Accruals and deferred income 2,653 2,148
Director's loan account 307 307
84,641 47,272
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 22,393 35,107
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6