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REGISTERED NUMBER: 09978971 (England and Wales)










MNG SPENCER LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






MNG SPENCER LIMITED (REGISTERED NUMBER: 09978971)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MNG SPENCER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr N P Spencer
Mr M J Spencer





REGISTERED OFFICE: Cashs Business Centre
1st Floor, 228 Widdrington Road
Coventry
CV1 4PB





REGISTERED NUMBER: 09978971 (England and Wales)





ACCOUNTANTS: Shah & Co (Accountants) Ltd
Chartered Certified Accountants
Cash's Business Centre
1st Floor
228 Widdrington Road
Coventry
West Midlands
CV1 4PB

MNG SPENCER LIMITED (REGISTERED NUMBER: 09978971)

BALANCE SHEET
31 JULY 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 54,422 24,502

CURRENT ASSETS
Stocks 5 918,722 1,135,742
Debtors 6 1,715 17,478
Cash at bank 273,305 142,806
1,193,742 1,296,026
CREDITORS
Amounts falling due within one year 7 (144,781 ) (236,008 )
NET CURRENT ASSETS 1,048,961 1,060,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,103,383

1,084,520

CREDITORS
Amounts falling due after more than one
year

8

(979,645

)

(973,342

)
NET ASSETS 123,738 111,178

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 123,638 111,078
SHAREHOLDERS' FUNDS 123,738 111,178

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

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

The directors acknowledge their 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.

MNG SPENCER LIMITED (REGISTERED NUMBER: 09978971)

BALANCE SHEET - continued
31 JULY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:




Mr M J Spencer - Director



Mr N P Spencer - Director


MNG SPENCER LIMITED (REGISTERED NUMBER: 09978971)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

MNG Spencer 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

MNG SPENCER LIMITED (REGISTERED NUMBER: 09978971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2023 - 30,737 6,109 36,846
Additions 23,181 - 20,495 43,676
At 31 July 2024 23,181 30,737 26,604 80,522
DEPRECIATION
At 1 August 2023 - 7,787 4,557 12,344
Charge for year 3,824 4,611 5,321 13,756
At 31 July 2024 3,824 12,398 9,878 26,100
NET BOOK VALUE
At 31 July 2024 19,357 18,339 16,726 54,422
At 31 July 2023 - 22,950 1,552 24,502

5. STOCKS
31.7.24 31.7.23
£    £   
Stocks 471,022 1,135,742
Work-in-progress 447,700 -
918,722 1,135,742

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Tax - 9,243
VAT 1,715 8,235
1,715 17,478

MNG SPENCER LIMITED (REGISTERED NUMBER: 09978971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other loans (see note 9) 3,372 -
Trade creditors 2,623 10,967
Wages Payable 6,357 -
Tax 15,425 7,022
Social security and other taxes (1,557 ) 6,050
Other creditors 33,000 1,041
Directors' current accounts 65,898 73,101
Accrued expenses 3,801 36,844
Anticipated capital return 15,862 100,983
144,781 236,008

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans (see note 9) 975,375 973,342
Other loans (see note 9) 4,270 -
979,645 973,342

9. LOANS

An analysis of the maturity of loans is given below:

31.7.24 31.7.23
£    £   
Amounts falling due within one year or on demand:
JCB Finance Loan 3,372 -

Amounts falling due between one and two years:
JCB Finance Loan - 1-2 years 3,372 -

Amounts falling due between two and five years:
Investor Loans more then 5 yrs 975,375 973,342
JCB Finance Loan - 2-5 years 898 -
976,273 973,342

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary 1 100 100

MNG SPENCER LIMITED (REGISTERED NUMBER: 09978971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

11. RESERVES
Retained
earnings
£   

At 1 August 2023 111,078
Profit for the year 67,589
Dividends (55,029 )
At 31 July 2024 123,638

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

included in other creditor amount outstanding to Directors £65,898 (2023 £73,101), is interest free with no set terms of repayment.

13. ULTIMATE CONTROLLING PARTY

Directors are ultimate controlling parties.