Caseware UK (AP4) 2024.0.164 2024.0.164 false112023-04-01Cargo handling for water transport activitiestruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI606890 2023-04-01 2024-03-31 NI606890 2022-04-01 2023-03-31 NI606890 2024-03-31 NI606890 2023-03-31 NI606890 c:Director1 2023-04-01 2024-03-31 NI606890 d:MotorVehicles 2023-04-01 2024-03-31 NI606890 d:MotorVehicles 2024-03-31 NI606890 d:MotorVehicles 2023-03-31 NI606890 d:CurrentFinancialInstruments 2024-03-31 NI606890 d:CurrentFinancialInstruments 2023-03-31 NI606890 d:Non-currentFinancialInstruments 2024-03-31 NI606890 d:Non-currentFinancialInstruments 2023-03-31 NI606890 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 NI606890 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 NI606890 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 NI606890 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 NI606890 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 NI606890 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 NI606890 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 NI606890 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 NI606890 d:ShareCapital 2024-03-31 NI606890 d:ShareCapital 2023-03-31 NI606890 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 NI606890 d:RetainedEarningsAccumulatedLosses 2024-03-31 NI606890 d:RetainedEarningsAccumulatedLosses 2023-03-31 NI606890 c:OrdinaryShareClass1 2023-04-01 2024-03-31 NI606890 c:OrdinaryShareClass1 2024-03-31 NI606890 c:OrdinaryShareClass1 2023-03-31 NI606890 c:FRS102 2023-04-01 2024-03-31 NI606890 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 NI606890 c:FullAccounts 2023-04-01 2024-03-31 NI606890 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI606890 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI606890










MGM Cargo Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2024

 
MGM Cargo Limited
Registered number: NI606890

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
17,840
24,248

Cash at bank and in hand
  
8,523
6,321

  
26,363
30,569

Creditors: amounts falling due within one year
 5 
(21,602)
(21,800)

Net current assets
  
 
 
4,761
 
 
8,769

Total assets less current liabilities
  
4,761
8,769

Creditors: amounts falling due after more than one year
 6 
(4,716)
(8,696)

  

Net assets
  
45
73


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
 9 
44
72

  
45
73


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MGM Cargo Limited
Registered number: NI606890

Balance Sheet (continued)
As at 31 March 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.



Mr Manolito Mullet
Director

The notes on pages 3 to 8 form part of these financial statements.

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MGM Cargo Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.


General information

MGM Cargo Ltd is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Director of MGM Cargo Ltd has reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseeable future.
 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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MGM Cargo Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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MGM Cargo Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


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MGM Cargo Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

3.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 April 2023
9,990



At 31 March 2024

9,990



Depreciation


At 1 April 2023
9,990



At 31 March 2024

9,990



Net book value



At 31 March 2024
-



At 31 March 2023
-


4.


Debtors

2024
2023
£
£


Trade debtors
10,309
10,001

Other debtors
7,531
14,247

17,840
24,248


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MGM Cargo Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,259
4,259

Other loans
7,011
5,233

Trade creditors
-
3,624

Corporation tax
4,025
3,971

Other creditors
841
1,097

Accruals and deferred income
5,466
3,616

21,602
21,800



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,716
8,696

4,716
8,696


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MGM Cargo Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,259
4,259

Other loans
7,011
5,233


11,270
9,492

Amounts falling due 1-2 years

Bank loans
4,716
4,259


4,716
4,259

Amounts falling due 2-5 years

Bank loans
-
4,437


-
4,437


15,986
18,188



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary Share share of £1.00
1
1



9.


Reserves

Profit and loss account

The profit and loss account represents cumulative profit and losses net of dividends and other adjustments.

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