M&G Cash Ltd 12378906 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is dairy farmers Digita Accounts Production Advanced 6.30.9574.0 true 12378906 2024-01-01 2024-12-31 12378906 2024-12-31 12378906 bus:Director1 1 2024-12-31 12378906 bus:Director3 1 2024-12-31 12378906 core:RetainedEarningsAccumulatedLosses 2024-12-31 12378906 core:ShareCapital 2024-12-31 12378906 core:CurrentFinancialInstruments 2024-12-31 12378906 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 12378906 core:Non-currentFinancialInstruments 2024-12-31 12378906 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 12378906 core:MoreThanFiveYears 1 2024-12-31 12378906 core:FurnitureFittingsToolsEquipment 2024-12-31 12378906 core:LandBuildings 2024-12-31 12378906 core:MotorVehicles 2024-12-31 12378906 core:OtherPropertyPlantEquipment 2024-12-31 12378906 bus:SmallEntities 2024-01-01 2024-12-31 12378906 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 12378906 bus:FilletedAccounts 2024-01-01 2024-12-31 12378906 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12378906 bus:RegisteredOffice 2024-01-01 2024-12-31 12378906 bus:Director1 2024-01-01 2024-12-31 12378906 bus:Director1 1 2024-01-01 2024-12-31 12378906 bus:Director3 2024-01-01 2024-12-31 12378906 bus:Director3 1 2024-01-01 2024-12-31 12378906 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12378906 bus:Agent1 2024-01-01 2024-12-31 12378906 core:Buildings 2024-01-01 2024-12-31 12378906 core:ComputerEquipment 2024-01-01 2024-12-31 12378906 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 12378906 core:LandBuildings 2024-01-01 2024-12-31 12378906 core:MotorVehicles 2024-01-01 2024-12-31 12378906 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 12378906 core:PlantMachinery 2024-01-01 2024-12-31 12378906 countries:EnglandWales 2024-01-01 2024-12-31 12378906 2023-12-31 12378906 bus:Director1 1 2023-12-31 12378906 bus:Director3 1 2023-12-31 12378906 core:FurnitureFittingsToolsEquipment 2023-12-31 12378906 core:LandBuildings 2023-12-31 12378906 core:MotorVehicles 2023-12-31 12378906 core:OtherPropertyPlantEquipment 2023-12-31 12378906 2023-01-01 2023-12-31 12378906 2023-12-31 12378906 core:RetainedEarningsAccumulatedLosses 2023-12-31 12378906 core:ShareCapital 2023-12-31 12378906 core:CurrentFinancialInstruments 2023-12-31 12378906 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12378906 core:Non-currentFinancialInstruments 2023-12-31 12378906 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 12378906 core:MoreThanFiveYears 1 2023-12-31 12378906 core:FurnitureFittingsToolsEquipment 2023-12-31 12378906 core:LandBuildings 2023-12-31 12378906 core:MotorVehicles 2023-12-31 12378906 core:OtherPropertyPlantEquipment 2023-12-31 iso4217:GBP xbrli:pure

REGISTRAR OF COMPANIES

Registration number: 12378906

M&G Cash Ltd

Unaudited Financial Statements

31 December 2024

image-name

 

M&G Cash Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
M&G Cash Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of M&G Cash Ltd for the year ended 31 December 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of M&G Cash Ltd, as a body, in accordance with the terms of our engagement letter dated 9 September 2022. Our work has been undertaken solely to prepare for your approval the accounts of M&G Cash Ltd and state those matters that we have agreed to state to the Board of Directors of M&G Cash Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M&G Cash Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that M&G Cash Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of M&G Cash Ltd. You consider that M&G Cash Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of M&G Cash 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

20 June 2025

 

M&G Cash Ltd

(Registration number: 12378906)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

512,867

535,158

Current assets

 

Stocks

529,038

511,646

Debtors

5

162,226

45,013

Cash at bank and in hand

 

24,843

60,828

 

716,107

617,487

Creditors: Amounts falling due within one year

6

(139,507)

(552,982)

Net current assets

 

576,600

64,505

Total assets less current liabilities

 

1,089,467

599,663

Creditors: Amounts falling due after more than one year

6

(652,581)

(191,660)

Provisions for liabilities

(59,405)

(66,485)

Net assets

 

377,481

341,518

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

377,381

341,418

Total equity

 

377,481

341,518

 

M&G Cash Ltd

(Registration number: 12378906)
Balance Sheet as at 31 December 2024 (continued)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 

.........................................

G M Cash

Director

.........................................

M J Cash

Director

 

M&G Cash Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Middlesceugh Hall Farm
Ivegill
CARLISLE
CA4 0NN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

M&G Cash Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% straight line basis

Plant and machinery

15% reducing basis

Motor vehicles

25% reducing basis

Computer equipment

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

M&G Cash Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

M&G Cash Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 January 2024

222,115

479,174

6,400

857

708,546

Additions

-

57,569

-

164

57,733

At 31 December 2024

222,115

536,743

6,400

1,021

766,279

Depreciation

At 1 January 2024

57,209

114,105

1,221

853

173,388

Charge for the year

22,210

56,496

1,295

23

80,024

At 31 December 2024

79,419

170,601

2,516

876

253,412

Carrying amount

At 31 December 2024

142,696

366,142

3,884

145

512,867

At 31 December 2023

164,906

365,069

5,179

4

535,158

5

Debtors

2024
£

2023
£

Trade debtors

14,033

8,819

Other debtors

148,193

36,194

162,226

45,013

 

M&G Cash Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

30,939

443,507

Trade creditors

 

45,065

60,746

Taxation and social security

 

690

256

Corporation tax liability

 

38,903

15,961

Other creditors

 

23,910

32,512

 

139,507

552,982

Due after one year

 

Loans and borrowings

7

544,300

92,249

Other creditors

 

108,281

99,411

 

652,581

191,660

2024
£

2023
£

After more than five years by instalments

405,784

9,229

405,784

9,229

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

30,939

29,218

Other borrowings

-

414,289

30,939

443,507

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

30,939

29,218

Bank borrowings are secured by fixed and floating charges over the company's assets.

 

M&G Cash Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

544,300

92,249

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

544,300

92,249

Bank borrowings are secured by fixed and floating charges over the company's assets.

8

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2024
£

M J Cash

Loan

-

59,741

(6,418)

-

-

863

54,186

               
         

G M Cash

Loan

-

59,340

(6,418)

-

-

856

53,778

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% this year, and Nil last year on advances to directors.