REGISTERED NUMBER: 04960248 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MGI ENGINEERING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M R Gascoyne

Mrs S Schaumloeffel

REGISTERED OFFICE:

The Old School

Kelmscott

Lechlade

Gloucestershire

GL7 3HG

REGISTERED NUMBER:

04960248 (England and Wales)

ACCOUNTANTS:

Bronsens

Chartered Certified Accountants

Hillside

Albion Street

Chipping Norton

Oxfordshire

OX7 5BH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

113,897

58,956

Investments

6

100

100

113,997

59,056

CURRENT ASSETS

Debtors

7

499,561

433,343

Cash at bank and in hand

434,172

259,035

933,733

692,378

CREDITORS

Amounts falling due within one year

8

236,609

240,503

NET CURRENT ASSETS

697,124

451,875

TOTAL ASSETS LESS CURRENT LIABILITIES

811,121

510,931

PROVISIONS FOR LIABILITIES

10

17,084

14,739

NET ASSETS

794,037

496,192

CAPITAL AND RESERVES

Called up share capital

11

114

103

Share premium

1,199,989

-

Retained earnings

(406,066

)

496,089

SHAREHOLDERS' FUNDS

794,037

496,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mr M R Gascoyne - Director

1.	STATUTORY INFORMATION

MGI Engineering Ltd 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 (£).

The accounts have been rounded to the nearest £

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going Concern And Future Developments

The accounts have been prepared on a going concern basis.

The activity for the year ahead continues to be that of design consultancy for aerospace, motorsport, automotive and maritime clients, alongside the furtherance of research and development into multi-use unmanned vehicle platforms

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade payables

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 (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

57,000

AMORTISATION

At 1 January 2024

and 31 December 2024

57,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

-

4,021

28,270

Additions

65,630

4,287

23,368

At 31 December 2024

65,630

8,308

51,638

DEPRECIATION

At 1 January 2024

-

565

28,270

Charge for year

6,563

775

7,711

At 31 December 2024

6,563

1,340

35,981

NET BOOK VALUE

At 31 December 2024

59,067

6,968

15,657

At 31 December 2023

-

3,456

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

30,850

231,115

294,256

Additions

-

5,322

98,607

At 31 December 2024

30,850

236,437

392,863

DEPRECIATION

At 1 January 2024

7,712

198,753

235,300

Charge for year

5,785

22,832

43,666

At 31 December 2024

13,497

221,585

278,966

NET BOOK VALUE

At 31 December 2024

17,353

14,852

113,897

At 31 December 2023

23,138

32,362

58,956

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2024

and 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

At 31 December 2023

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

137,523

209,508

Directors' current accounts

8,580

-

Tax

301,859

160,954

Prepayments

51,599

62,881

499,561

433,343

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

110,392

119,987

Amounts owed to group undertakings

100

100

Social security and other taxes

30,210

34,541

Pension

15,040

13,539

VAT

71,867

68,328

Directors' current accounts

-

8

Accruals and deferred income

9,000

4,000

236,609

240,503

9.	SECURED DEBTS

HSBC hold a fixed and floating charge dated 18 April 2023 over all assets belonging to the company.

10.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

17,084

14,739

Deferred

tax

£

Balance at 1 January 2024

14,739

Provided during year

2,345

Balance at 31 December 2024

17,084

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

NIL

Ordinary

£1

-

100

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

1

Ordinary C

£1

1

1

11,087

Ordinary 1p

1p

111

-

114

103

The following shares were issued during the year for cash at par :

1,087 Ordinary 1p shares of 1p

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

Mr M R Gascoyne and Mrs S Schaumloeffel

Balance outstanding at start of year

8

8

Amounts advanced

(8,588

)

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(8,580

)

8

During the year a short term loan was granted to the directors.