Company registration number 03139705 (England and Wales)
MGA GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MGA GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MGA GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
826,629
754,369
Current assets
Debtors
5
41,156
48,471
Cash at bank and in hand
435,883
156,375
477,039
204,846
Creditors: amounts falling due within one year
6
(301,181)
(45,281)
Net current assets
175,858
159,565
Total assets less current liabilities
1,002,487
913,934
Provisions for liabilities
7
(5,109)
(5,109)
Net assets
997,378
908,825
Capital and reserves
Called up share capital
104,902
104,902
Revaluation reserve
746,629
674,369
Profit and loss reserves
145,847
129,554
Total equity
997,378
908,825
The notes on pages 3 to 7 form part of these financial statements.
MGA GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
D M Millns
Director
Company registration number 03139705 (England and Wales)
MGA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
MGA Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Maltings Place, 169 Tower Bridge Road, London, England, SE1 3JB.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, ttruehe directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
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.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The company revalues its investments in its subsidiary undertakings annually at the balance sheet date in accordance with the Alternative Accounting Rules of the Companies Act 2006. The basis of valuation used by the directors is the attributable net asset value of the subsidiaries. Any revaluation surplus or deficiency is transferred to the Revaluation reserve. Deferred tax is not recognised on this type of asset as certain exemptions are open to the company that will reduce any tax liability or loss relief to nil. The directors do not deem the recognition of any such provision to be appropriate.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MGA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
MGA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Provisions
Restructuring provisions are recognised when the company has a detailed, formal plan for the restructuring and has raised a valid expectation in those affected by either starting to implement the plan or announcing its main features to those affected and therefore has a legal or constructive obligation to carry out the restructuring.
1.9
Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and income protection cover.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii) Pension arrangements
The company currently operates a stakeholder pension scheme to which it does not contribute. The company also operates a defined contribution pension scheme for auto-enrolment purposes. The pension charge represents the amounts payable by the company in respect of the year. The assets of the scheme are held separately from those of the company.
1.10
Related party transactions
The company has taken advantage of the exemption under FRS 102 Section 1A not to disclose transactions and balances with other members of the Group.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no critical judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
MGA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
826,629
754,369
Fixed asset investments revalued
The company revalues its investments in its subsidiary undertakings annually at the balance sheet date in accordance with the Alternative Accounting Rules of the Companies Act 2006. The basis of valuation used by the directors is the attributable net asset value of the subsidiaries. Any revaluation surplus or deficiency is transferred to the Revaluation reserve. Deferred tax is not recognised on this type of asset as certain exemptions are open to the company that will reduce any tax liability or loss relief to nil. The directors do not deem the recognition of any such provision to be appropriate.
The cost of the fixed assets investments above was £80,000 (2023 - £80,000).
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
754,369
Revaluation in the year
72,260
At 31 December 2024
826,629
Carrying amount
At 31 December 2024
826,629
At 31 December 2023
754,369
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
900
900
Amounts owed by group undertakings
27,900
37,163
Other debtors
5,000
7,500
Prepayments and accrued income
7,356
2,908
41,156
48,471
MGA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Short term loans
10,000
Trade creditors
57
500
Amounts owed to group undertakings
251,130
3,600
Corporation tax
4,173
1,659
Other taxation and social security
37,661
23,159
Accruals and deferred income
8,160
6,363
301,181
45,281
7
Provisions for liabilities
2024
2023
£
£
Reorganisation provision
5,109
5,109
Movements on provisions:
Reorganisation provision
£
At 1 January 2024 and 31 December 2024
5,109
The planned restructure took place in 2016 and the provision utilised accordingly. There remain aspects of the restructure that need to be completed such that the balance on the provision is expected to be utilised in 2025.
8
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
D M Millns - Advances and credits during the year
-
2,500
(2,500)
-
2,500
(2,500)
-