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Registered number: 05612341
MG Fairclough Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05612341
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 38 48
38 48
CURRENT ASSETS
Debtors 5 8,001 11,987
Investments 6 849,773 725,516
Cash at bank and in hand 135,473 138,886
993,247 876,389
Creditors: Amounts Falling Due Within One Year 7 (57,925 ) (74,730 )
NET CURRENT ASSETS (LIABILITIES) 935,322 801,659
TOTAL ASSETS LESS CURRENT LIABILITIES 935,360 801,707
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (45,037 ) (22,226 )
NET ASSETS 890,323 779,481
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 890,223 779,381
SHAREHOLDERS' FUNDS 890,323 779,481
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For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mark Fairclough
Director
09/08/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
MG Fairclough Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05612341 . The registered office is 26 Bladon Close, Mapperley, Nottingham, Nottinghamshire, NG3 5FY.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, and includes revenue earned from the rendering of services.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Fixtures & Fittings - 20% on reducing balance
2.4. 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 year 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 asset reflects 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: 1 (2023: 1)
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 December 2023 1,699
As at 30 November 2024 1,699
Depreciation
As at 1 December 2023 1,651
Provided during the period 10
As at 30 November 2024 1,661
Net Book Value
As at 30 November 2024 38
As at 1 December 2023 48
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,901 11,887
Called up share capital not paid 100 100
8,001 11,987
6. Current Asset Investments
2024 2023
£ £
Listed investments 849,773 725,516
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 10,144 16,232
Accruals and deferred income 1,836 1,912
Director's loan account 45,945 56,586
57,925 74,730
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 45,037 22,226
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9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 December 2023 22,226 22,226
Additions 22,813 22,813
Utilised (2 ) (2)
Balance at 30 November 2024 45,037 45,037
The provision for deferred tax is made up of accelerated capital allowances and unrealised gains.
10. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 100 100
Amount of Allotted, Called Up Share Capital 100 100
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mark Fairclough 24,800 16,000
12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 31,000 20,000
13. Controlling Party
The company's controlling party is Mark Fairclough by virtue of ownership of 80% of the issued share capital in the company.
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