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MGLS INVESTMENTS LIMITED

Registered Number
14878450
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

MGLS INVESTMENTS LIMITED
Company Information
for the period from 18 May 2023 to 31 May 2024

Director

SCOTT, Barbara

Registered Address

Grove House
2 Woodberry Grove
London
N12 0DR

Registered Number

14878450 (England and Wales)
MGLS INVESTMENTS LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

£

£

Fixed assets
Tangible assets3275,171
275,171
Current assets
Debtors41,070
1,070
Creditors amounts falling due within one year5(277,921)
Net current assets (liabilities)(276,851)
Total assets less current liabilities(1,680)
Net assets(1,680)
Capital and reserves
Called up share capital100
Profit and loss account(1,780)
Shareholders' funds(1,680)
The financial statements were approved and authorised for issue by the Director on 7 May 2025, and are signed on its behalf by:
SCOTT, Barbara
Director
Registered Company No. 14878450
MGLS INVESTMENTS LIMITED
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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 sale of goods and from the rendering of services.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property (except the investment property), plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
2.Average number of employees

2024
Average number of employees during the year1
3.Tangible fixed assets

Total

£
Cost or valuation
Additions275,171
At 31 May 24275,171
Net book value
At 31 May 24275,171
At 17 May 23-
The investment properties are stated at the market value. The director is of the opinion that the current market value of the property is not materially different to its carrying value.
4.Debtors: amounts due within one year

2024

£
Other debtors1,070
Total1,070
5.Creditors: amounts due within one year

2024

£
Other creditors276,901
Accrued liabilities and deferred income1,020
Total277,921
6.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
SCOTT, Barbara01,6105401,070
01,6105401,070
The loan is interest free and was repaid fully within 9 months of the period ended 31st May 2024.
7.Related party transactions
More Convenient Ltd - a related company by virtue of the fact that Barbara Scott controls both companies. During the period, the related company provided finance to buy the investment property. At the balance sheet date, the company owed £132,606 to the related company. The loan is interest free with no fixed date for repayment.