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Registered number: 02250811
M & G Services Limited
Financial Statements
For The Year Ended 30 September 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02250811
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 188,571 188,100
188,571 188,100
CURRENT ASSETS
Stocks 5 5,000 5,000
Debtors 6 413,479 480,222
Cash at bank and in hand 50,960 72,982
469,439 558,204
Creditors: Amounts Falling Due Within One Year 7 (304,007 ) (318,561 )
NET CURRENT ASSETS (LIABILITIES) 165,432 239,643
TOTAL ASSETS LESS CURRENT LIABILITIES 354,003 427,743
Creditors: Amounts Falling Due After More Than One Year 8 (3,846 ) (22,874 )
NET ASSETS 350,157 404,869
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 350,057 404,769
SHAREHOLDERS' FUNDS 350,157 404,869
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Christopher Brailsford
Director
18 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
M & G Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02250811 . The registered office is 2 Pintail Close, Victoria Business Park, Netherfield, Nottinghamshire, NG4 2SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned  from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Straight Line
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Straight Line
Fixtures & Fittings 33% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 14)
13 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 October 2023 250,000 112,877 80,886 18,300 462,063
Additions - - 23,424 - 23,424
Disposals - (9,650 ) (52,886 ) (3,275 ) (65,811 )
As at 30 September 2024 250,000 103,227 51,424 15,025 419,676
Depreciation
As at 1 October 2023 93,750 88,023 73,890 18,300 273,963
Provided during the period 5,000 3,486 5,857 - 14,343
Disposals - (8,035 ) (45,891 ) (3,275 ) (57,201 )
As at 30 September 2024 98,750 83,474 33,856 15,025 231,105
Net Book Value
As at 30 September 2024 151,250 19,753 17,568 - 188,571
As at 1 October 2023 156,250 24,854 6,996 - 188,100
5. Stocks
2024 2023
£ £
Stock 5,000 5,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 413,396 480,222
Other debtors 83 -
413,479 480,222
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,485 1,997
Trade creditors 16,858 26,002
Bank loans and overdrafts 21,875 37,500
Other creditors 250,867 245,458
Taxation and social security 12,922 7,604
304,007 318,561
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,846 999
Bank loans - 21,875
3,846 22,874
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,485 1,997
Later than one year and not later than five years 3,846 999
5,331 2,996
5,331 2,996
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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