Company registration number SC782498 (Scotland)
MGF Machining Ltd
Unaudited financial statements
for the period ended 30 September 2024
Pages for filing with registrar
MGF Machining Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of MGF Machining Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MGF Machining Ltd for the period ended 30 September 2024 which comprise, the balance sheet, the statement of changes in equity 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of MGF Machining Ltd, as a body, in accordance with the terms of our engagement letter dated 12 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of MGF Machining Ltd and state those matters that we have agreed to state to the board of directors of MGF Machining Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGF Machining Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that MGF Machining Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MGF Machining Ltd. You consider that MGF Machining Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of MGF Machining 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 financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
16 May 2025
MGF Machining Ltd
Balance sheet
as at 30 September 2024
2
2024
Notes
£
£
Fixed assets
Tangible assets
3
72,343
Current assets
Debtors
14,190
Cash at bank and in hand
22,919
37,109
Creditors: amounts falling due within one year
(59,691)
Net current liabilities
(22,582)
Total assets less current liabilities
49,761
Creditors: amounts falling due after more than one year
(64,602)
Net liabilities
(14,841)
Capital and reserves
Called up share capital
2
Profit and loss reserves
(14,843)
Total equity
(14,841)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MGF Machining Ltd
Balance sheet (continued)
as at 30 September 2024
3
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
Mr G A Forsyth
Mr M C Gregor
Director
Director
Company registration number SC782498 (Scotland)
MGF Machining Ltd
Statement of changes in equity
for the period ended 30 September 2024
4
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 13 September 2023
-
Period ended 30 September 2024:
Loss and total comprehensive income
-
(14,843)
(14,843)
Issue of share capital
2
-
2
Balance at 30 September 2024
2
(14,843)
(14,841)
MGF Machining Ltd
Notes to the financial statements
for the period ended 30 September 2024
5
1
Accounting policies
Company information
MGF Machining Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 9, Harlaw Way, Harlaw Industrial Estate, Inverurie, AB51 4SG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MGF Machining Ltd
Notes to the financial statements (continued)
for the period ended 30 September 2024
6
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Tangible fixed assets
Total
£
Cost
At 13 September 2023
Additions
96,457
At 30 September 2024
96,457
Depreciation and impairment
At 13 September 2023
Depreciation charged in the period
24,114
At 30 September 2024
24,114
Carrying amount
At 30 September 2024
72,343
4
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
£
8,880