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Registered Number: SC675327
Scotland

 

 

 


Unaudited Financial Statements

for the year ended 30 September 2024

for

MKG ASSETS LTD

Directors Karen Lynn Dunning
Michael John Dunning
Registered Number SC675327
Registered Office 2 Glasgow Road
Dennyloanhead
Falkirk
FK4 1QF
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 September 2024.
Directors
The directors who served the company throughout the year were as follows:
Karen Lynn Dunning
Michael John Dunning
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Michael John Dunning
Director

Date approved: 16 April 2025
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of MKG Assets Ltd for the year ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MKG Assets Ltd for the year ended 30 September 2024 as set out on pages Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.       
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of MKG Assets Ltd , as a body, in accordance with the terms of our engagement letter.
Our work has been undertaken solely to prepare for your approval the accounts of MKG Assets Ltd and state those matters that we have agreed to state to the Board of Directors of MKG Assets Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MKG Assets Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that MKG Assets Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MKG Assets Ltd .
You consider that MKG Assets Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of MKG Assets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory account
30 September 2024



....................................................
FBD Consultancy Accounts & Tax Ltd.
2 Glasgow Road
Dennyloanhead
Stirlingshire
FK4 1QF
16 April 2025
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 352,146    300,219 
352,146    300,219 
Current assets      
Cash at bank and in hand 10,509    3,181 
Creditors: amount falling due within one year 4 (3,107)   (2,796)
Net current assets 7,402    385 
 
Total assets less current liabilities 359,548    300,604 
Creditors: amount falling due after more than one year 5 (327,148)   (323,047)
Provisions for liabilities 6 (19,389)   (3,107)
Net assets 13,011    (25,550)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 12,911    (25,650)
Shareholders' funds 13,011    (25,550)
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 16 April 2025 and were signed on its behalf by:


-------------------------------
Michael John Dunning
Director
4
General Information
MKG Assets Ltd is a private company, limited by shares, registered in Scotland, registration number SC675327, registration address 2 Glasgow Road, Dennyloanhead, Falkirk, FK4 1QF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 4 years Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Investment properties   Total
  £   £   £
At 01 October 2023 4,292    297,000    301,292 
Additions    
Disposals    
Revaluations   53,000    53,000 
At 30 September 2024 4,292    350,000    354,292 
Depreciation
At 01 October 2023 1,073      1,073 
Charge for year 1,073      1,073 
On disposals    
At 30 September 2024 2,146      2,146 
Net book values
Closing balance as at 30 September 2024 2,146    350,000    352,146 
Opening balance as at 01 October 2023 3,219    297,000    300,219 


4.

Creditors: amount falling due within one year

2024
£
  2023
£
Accrued Expenses 3,021    2,797 
Other Creditors 86    (1)
3,107    2,796 

5.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 44,980    44,980 
Directors' Loan Accounts 282,168    278,067 
327,148    323,047 

6.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 3,106    (239)
Charged to Profit & Loss 16,283    3,346 
19,389    3,107 

5