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REGISTERED NUMBER: 06657514 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

MG Builders (East Anglia) Limited

MG Builders (East Anglia) Limited (Registered number: 06657514)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MG Builders (East Anglia) Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr G L Fletcher
Mr M A Stebbings





REGISTERED OFFICE: Number Sixty One
Alexandra Road
Lowestoft
Suffolk
NR32 1PL





REGISTERED NUMBER: 06657514 (England and Wales)





ACCOUNTANTS: CUNNINGHAMS
Number Sixty One
Alexandra Road
Lowestoft
Suffolk
NR32 1PL

MG Builders (East Anglia) Limited (Registered number: 06657514)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 280,516 261,261

CURRENT ASSETS
Stocks 6,000 7,000
Debtors 5 70,799 241,104
Cash at bank 216,014 155,665
292,813 403,769
CREDITORS
Amounts falling due within one year 6 112,272 135,559
NET CURRENT ASSETS 180,541 268,210
TOTAL ASSETS LESS CURRENT
LIABILITIES

461,057

529,471

CREDITORS
Amounts falling due after more than one
year

7

153,319

166,435
NET ASSETS 307,738 363,036

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 307,638 362,936
307,738 363,036

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

MG Builders (East Anglia) Limited (Registered number: 06657514)

Balance Sheet - continued
31 July 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 16 January 2025 and were signed on its behalf by:




Mr G L Fletcher - Director



Mr M A Stebbings - Director


MG Builders (East Anglia) Limited (Registered number: 06657514)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

MG Builders (East Anglia) 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 4% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

MG Builders (East Anglia) Limited (Registered number: 06657514)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 210,543 138,853 349,396
Additions - 33,782 33,782
Disposals - (6,429 ) (6,429 )
At 31 July 2024 210,543 166,206 376,749
DEPRECIATION
At 1 August 2023 15,249 72,886 88,135
Charge for year 2,814 11,503 14,317
Eliminated on disposal - (6,219 ) (6,219 )
At 31 July 2024 18,063 78,170 96,233
NET BOOK VALUE
At 31 July 2024 192,480 88,036 280,516
At 31 July 2023 195,294 65,967 261,261

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 54,319 19,930
Amounts recoverable on contracts 9,313 16,609
Other debtors 7,167 204,565
70,799 241,104

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 23,332 21,983
Hire purchase contracts 11,380 6,433
Trade creditors 24,206 46,093
Taxation and social security 45,955 55,838
Other creditors 7,399 5,212
112,272 135,559

MG Builders (East Anglia) Limited (Registered number: 06657514)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 134,841 158,011
Hire purchase contracts 18,478 8,424
153,319 166,435