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REGISTERED NUMBER: 06576398 (England and Wales)














M G I CONTRACTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






M G I CONTRACTS LIMITED (REGISTERED NUMBER: 06576398)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


M G I CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr M R J Goldbrom
Mrs J N Goldbrom





SECRETARY: Mrs J N Goldbrom





REGISTERED OFFICE: 82 High Street
Tenterden
Kent
TN30 6JG





REGISTERED NUMBER: 06576398 (England and Wales)





ACCOUNTANTS: Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
24 Landgate
Rye
East Sussex
TN31 7LJ

M G I CONTRACTS LIMITED (REGISTERED NUMBER: 06576398)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,911 3,626
2,911 3,626

CURRENT ASSETS
Debtors 6 89,188 76,603
Cash at bank 133,872 106,044
223,060 182,647
CREDITORS
Amounts falling due within one year 7 214,756 172,614
NET CURRENT ASSETS 8,304 10,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,215

13,659

CREDITORS
Amounts falling due after more than
one year

8

(8,983

)

(12,774

)

PROVISIONS FOR LIABILITIES (728 ) (906 )
NET ASSETS/(LIABILITIES) 1,504 (21 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 1,404 (121 )
SHAREHOLDERS' FUNDS 1,504 (21 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

M G I CONTRACTS LIMITED (REGISTERED NUMBER: 06576398)

BALANCE SHEET - continued
30 JUNE 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





Mr M R J Goldbrom - Director


M G I CONTRACTS LIMITED (REGISTERED NUMBER: 06576398)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

M G I Contracts 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.

GOODWILL
Goodwill has been written down to nil in these accounts.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

TAXATION
Taxation for the year 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 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.

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.

M G I CONTRACTS LIMITED (REGISTERED NUMBER: 06576398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 16,043
AMORTISATION
At 1 July 2023
and 30 June 2024 16,043
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023
and 30 June 2024 18,145 1,158 14,050 1,848 35,201
DEPRECIATION
At 1 July 2023 15,562 843 13,455 1,715 31,575
Charge for year 387 47 148 133 715
At 30 June 2024 15,949 890 13,603 1,848 32,290
NET BOOK VALUE
At 30 June 2024 2,196 268 447 - 2,911
At 30 June 2023 2,583 315 595 133 3,626

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 56,268 31,062
Other debtors 32,000 32,000
VAT - 12,621
Prepayments 920 920
89,188 76,603

M G I CONTRACTS LIMITED (REGISTERED NUMBER: 06576398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,326 3,326
Trade creditors 186,185 152,854
Tax 1,539 -
Social security and other taxes 521 521
VAT 13,482 -
Credit card 2,427 13,895
Directors' current accounts 5,276 318
Accrued expenses 2,000 1,700
214,756 172,614

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 8,983 12,774

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mrs J N Goldbrom
Balance outstanding at start of year (159 ) 993
Amounts advanced 5,242 -
Amounts repaid (7,721 ) (1,152 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,638 ) (159 )

Mr M R J Goldbrom
Balance outstanding at start of year (159 ) 993
Amounts advanced 5,242 -
Amounts repaid (7,721 ) (1,152 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,638 ) (159 )