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COMPANY REGISTRATION NUMBER: 15134270
MGA 1T Limited
Filleted Unaudited Abridged Financial Statements
31 October 2024
MGA 1T Limited
Abridged Financial Statements
Period from 12 September 2023 to 31 October 2024
Contents
Pages
Chartered certified accountants report to the director on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 6
MGA 1T Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of MGA 1T Limited
Period from 12 September 2023 to 31 October 2024
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the period ended 31 October 2024, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
4 February 2025
MGA 1T Limited
Abridged Statement of Financial Position
31 October 2024
31 Oct 24
Note
£
Fixed assets
Tangible assets
5
396
Current assets
Debtors
9,299
Cash at bank and in hand
85,647
--------
94,946
Creditors: amounts falling due within one year
26,557
--------
Net current assets
68,389
--------
Total assets less current liabilities
68,785
--------
Net assets
68,785
--------
Capital and reserves
Called up share capital
1
Profit and loss account
68,784
--------
Shareholder funds
68,785
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.
MGA 1T Limited
Abridged Statement of Financial Position (continued)
31 October 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
Mr M Gait
Director
Company registration number: 15134270
MGA 1T Limited
Notes to the Abridged Financial Statements
Period from 12 September 2023 to 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Wenlock Road, London, N1 7GU.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 .
5. Tangible assets
£
Cost
At 12 September 2023
Additions
528
----
At 31 October 2024
528
----
Depreciation
At 12 September 2023
Charge for the period
132
----
At 31 October 2024
132
----
Carrying amount
At 31 October 2024
396
----
6. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Oct 24
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Gait
1,923
( 5,542)
( 3,619)
----
-------
-------
-------
The director borrowed a maximum of £1,923 from the company between January and July 2024 and repaid the loan in full in July 2024. All loans are interest free and repayable on demand.