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REGISTERED NUMBER: 04109737 (England and Wales)















MG FURNITURE MAKERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2023 TO 31 MAY 2024






MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MG FURNITURE MAKERS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MAY 2024







DIRECTOR: M Gale





SECRETARY: Indigo Secretaries Limited





REGISTERED OFFICE: 3 Kensworth Gate
200 - 204 High Street South
Dunstable
Bedfordshire
LU6 3HS





REGISTERED NUMBER: 04109737 (England and Wales)





ACCOUNTANTS: Higginson & Co (UK) Ltd
3 Kensworth Gate
200 - 204 High Street South
Dunstable
Bedfordshire
LU6 3HS

MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

BALANCE SHEET
31 MAY 2024

31.5.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 6,493

CURRENT ASSETS
Stocks 500 861
Debtors 5 - 209
Cash at bank and in hand - 2,216
500 3,286
CREDITORS
Amounts falling due within one year 6 43,362 48,621
NET CURRENT LIABILITIES (42,862 ) (45,335 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(42,862

)

(38,842

)

CAPITAL AND RESERVES
Called up share capital 7 200 200
Retained earnings (43,062 ) (39,042 )
SHAREHOLDERS' FUNDS (42,862 ) (38,842 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:



M Gale - Director


MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MAY 2024


1. STATUTORY INFORMATION

MG Furniture Makers 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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 period 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 period 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.

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.

MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MAY 2024


3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2023 14,357 6,200 20,557
Disposals (14,357 ) (6,200 ) (20,557 )
At 31 May 2024 - - -
DEPRECIATION
At 1 December 2023 10,964 3,100 14,064
Charge for period 214 323 537
Eliminated on disposal (11,178 ) (3,423 ) (14,601 )
At 31 May 2024 - - -
NET BOOK VALUE
At 31 May 2024 - - -
At 30 November 2023 3,393 3,100 6,493

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 30.11.23
£    £   
Trade debtors - 60
Other debtors - 149
- 209

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 30.11.23
£    £   
Directors' current accounts 32,968 38,195
Accrued expenses 10,394 10,426
43,362 48,621

MG FURNITURE MAKERS LIMITED (REGISTERED NUMBER: 04109737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2023 TO 31 MAY 2024


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 30.11.23
value: £    £   
100 Ordinary £1 100 100
100 Ordinary A £1 100 100
200 200

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 May 2024 and the year ended 30 November 2023:

31.5.24 30.11.23
£    £   
M Gale
Balance outstanding at start of period 19,097 19,192
Amounts repaid (2,613 ) (95 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 16,484 19,097

Mrs B M Gale
Balance outstanding at start of period 19,098 19,193
Amounts repaid (2,614 ) (95 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 16,484 19,098