NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
MGH1 Ltd is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office can be found on the company information page.
The company was dormant from incorporation to 8 October 2023. Trading commenced on the 9 October 2023.
The significant accounting policies applied in the preparation of these financial statements are set out below.
2.Accounting policies
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Basis of preparation of financial statements
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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:
As at 31 August 2024 the company had net liabilities of £6,163 (2023 - £100) net assets. During the year the company had a property development in progress and the director believes that the going concern basis is appropriate.
Work in progress is valued on the basis of direct costs incurred. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of the work in progress.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including the director, during the year was 1 (2023 - 1).
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