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Registered number: 12888967
Megit Group Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
High Royd Business Services Limited
BBIC
Innovation Way
Barnsley
South Yorkshire
S75 1JL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12888967
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 67,813 43,330
Investments 5 220,283 229,128
288,096 272,458
CURRENT ASSETS
Debtors 6 914,773 914,773
Cash at bank and in hand 4,546,132 4,657,903
5,460,905 5,572,676
Creditors: Amounts Falling Due Within One Year 7 (3,048 ) (30,523 )
NET CURRENT ASSETS (LIABILITIES) 5,457,857 5,542,153
TOTAL ASSETS LESS CURRENT LIABILITIES 5,745,953 5,814,611
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,953 ) (10,832 )
NET ASSETS 5,729,000 5,803,779
CAPITAL AND RESERVES
Called up share capital 8 12 12
Profit and Loss Account 5,728,988 5,803,767
SHAREHOLDERS' FUNDS 5,729,000 5,803,779
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
M E Green
Director
14/06/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Megit Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12888967 . The registered office is 3 The Orchard Ryecroft Road, Frampton Cotterell, Bristol, Gloucestershire, BS36 2HW.
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. 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:
Motor Vehicles 25%
2.3. 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 January 2024 60,290
Additions 41,150
As at 31 December 2024 101,440
Depreciation
As at 1 January 2024 16,960
Provided during the period 16,667
As at 31 December 2024 33,627
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 December 2024 67,813
As at 1 January 2024 43,330
5. Investments
Subsidiaries Other Total
£ £ £
Cost
As at 1 January 2024 10 229,118 229,128
Additions - 50,466 50,466
Disposals - (59,311 ) (59,311 )
As at 31 December 2024 10 220,273 220,283
Provision
As at 1 January 2024 - - -
As at 31 December 2024 - - -
Net Book Value
As at 31 December 2024 10 220,273 220,283
As at 1 January 2024 10 229,118 229,128
6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 914,773 914,773
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax - 25,173
Other creditors 3,048 5,350
3,048 30,523
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12 12
9. Subsidiaries
Details of the company's subsidiaries at 31 December 2024 (and 31 December 2023) are as follows:
Megit Properties Ltd - 100%
Registered office address: 3 The Orchard Ryecroft Road, Frampton Cotterell, Bristol, Gloucestershire, BS36 2HW
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