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REGISTERED NUMBER: 07288185 (England and Wales)








Unaudited Financial Statements

for the Year Ended 30 September 2024

for

MGL Hardware Limited

MGL Hardware Limited (Registered number: 07288185)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MGL Hardware Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: C Gilbertson





REGISTERED OFFICE: Unit 1
Fairfield House
Binns Road
Liverpool
L7 9NG





REGISTERED NUMBER: 07288185 (England and Wales)





ACCOUNTANTS: Jonathan Ford & Co Limited
Chartered Accountants
Maxwell House
Liverpool Innovation Park
Liverpool
Merseyside
L7 9NJ

MGL Hardware Limited (Registered number: 07288185)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
CURRENT ASSETS
Debtors 5 277,904 970,572
Cash at bank 1,867,315 1,594,775
2,145,219 2,565,347
CREDITORS
Amounts falling due within one year 6 1,427,355 1,930,430
NET CURRENT ASSETS 717,864 634,917
TOTAL ASSETS LESS CURRENT
LIABILITIES

717,864

634,917

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 717,863 634,916
SHAREHOLDERS' FUNDS 717,864 634,917

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MGL Hardware Limited (Registered number: 07288185)

Balance Sheet - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 August 2025 and were signed by:





C Gilbertson - Director


MGL Hardware Limited (Registered number: 07288185)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

MGL Hardware Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover
Turnover represents net invoiced sales of goods, net of value added tax and is recognised when the right to consideration is received.. Invoices raised in the year under review that relate to work carried out in the following year are deducted from turnover to be matched against the relevant expenditure.

MGL Hardware Limited (Registered number: 07288185)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


MGL Hardware Limited (Registered number: 07288185)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued
Current tax
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Deferred tax
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 and that are expected to apply to the reversal of the timing difference.

Invoice finance arrangements
The company finances the majority of its invoices.

The financing agreement stipulates that the risk and reward of the invoices remains with the company. The financing house, however, does have security in respect of the draw downs made by the company in the form of a floating charge over the company's assets and guarantees from both the parent company and the company directors.

The amount drawn down in excess of debtor collections is shown as a liability in the balance sheet.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
30.9.24 30.9.23
£    £   
Trade debtors 277,903 970,571
Other debtors 1 1
277,904 970,572

MGL Hardware Limited (Registered number: 07288185)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
30.9.24 30.9.23
£    £   
Trade creditors 293,473 566,592
Amounts owed to group undertakings 847,111 740,831
Taxation and social security 2,798 115,276
Other creditors 283,973 507,731
1,427,355 1,930,430

7. RELATED PARTY DISCLOSURES

Entities with control over the company
Loans due from entities with control over the company at the balance sheet date amounted to £142,311 (2023 - £26,000). The loans are repayable on demand, no interest is being charged and no guarantees have been given.

8. ULTIMATE CONTROLLING PARTY

The controlling party is CPRG Limited.

The ultimate controlling party is CPRG Limited.

CPRG Limited is not controlled by any one individual.

9. SECURED LIABILITIES

The company has given security in respect of amounts drawn down under an invoice financing agreement.

The amount drawn down as at the balance sheet date amounted to £nil (2023: £235,468). The debenture created a fixed and floating charge over the undertaking and all present and future property and assets.