MG Industrial Supplies Limited 31/03/2025 iXBRL

Company registration number: SC245064

MG Industrial Supplies Limited

Unaudited filleted financial statements

31 March 2025

MG Industrial Supplies Limited

Contents

Directors and other information

Directors responsibilities statement

Accountants report

Statement of financial position

Notes to the financial statements

MG Industrial Supplies Limited

Directors and other information


Directors	Lachlan Gilchrist	(resigned 11 March 2025)
	Jeffrey Green
	Laura Green


Secretary	Laura Green


Company number	SC245064


Registered office	20 Barnton Street
	Stirling
	FK8 1NE


Business address	Block 2 Units 3 & 4
	Alva Industrial Estate
	Alva
	Clackmannanshire
	FK12 5DQ


Accountants	Dickson Middleton
	20 Barnton Street
	Stirling
	FK8 1NE




	Bankers	Bank of Scotland plc
		21 Mar Street
		Alloa
		FK10 1HR


	Solicitors	Caesar & Howie
		27 Mar Street
		Alloa
		FK10 1HX

MG Industrial Supplies Limited

Directors responsibilities statement

Year ended 31 March 2025

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MG Industrial Supplies Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of MG Industrial Supplies Limited

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MG Industrial Supplies Limited for the year ended 31 March 2025 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the board of directors of MG Industrial Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MG Industrial Supplies Limited and state those matters that we have agreed to state to the board of directors of MG Industrial Supplies Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MG Industrial Supplies Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that MG Industrial Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MG Industrial Supplies Limited. You consider that MG Industrial Supplies Limited 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 financial statements of MG Industrial Supplies Limited. 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 financial statements.

Dickson Middleton

Chartered Accountants

20 Barnton Street

Stirling

FK8 1NE

18 November 2025

MG Industrial Supplies Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		-
Tangible assets	6	136,177		159,069
		_______		_______
			136,177		159,069

Current assets
Stocks		254,569		276,812
Debtors	7	751,908		806,034
Cash at bank and in hand		3,411,849		2,606,606
		_______		_______
		4,418,326		3,689,452
Creditors: amounts falling due
within one year	8	( 590,758)		( 610,037)
		_______		_______
Net current assets			3,827,568		3,079,415
			_______		_______
Total assets less current liabilities			3,963,745		3,238,484


Provisions for liabilities			( 15,004)		( 15,237)

			_______		_______
Net assets			3,948,741		3,223,247
			_______		_______

Capital and reserves
Called up share capital			60,000		60,000
Profit and loss account			3,888,741		3,163,247
			_______		_______
Shareholders funds			3,948,741		3,223,247
			_______		_______

For the year ending 31 March 2025 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 18 November 2025 , and are signed on behalf of the board by:

Laura Green

Director

Company registration number: SC245064

MG Industrial Supplies Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 20 Barnton Street, Stirling, FK8 1NE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared on the historical cost basis using sterling, the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Computer equipment	-	25 %	straight line
Plant	-	20 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

The company only has assets and liabilities that are basic financial instruments. Basic financial instruments are initially recognised at the transaction price and subsequently recognised at the settlement value.

Defined contribution plans

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2024: 8 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	200,000	200,000
	_______	_______
Amortisation
At 1 April 2024 and 31 March 2025	200,000	200,000
	_______	_______
Carrying amount
At 31 March 2025	-	-
	_______	_______
At 31 March 2024	-	-
	_______	_______

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024 and 31 March 2025	135,674	10,839	37,312	137,027	320,852
	_______	_______	_______	_______	_______
Depreciation
At 1 April 2024	56,802	8,663	36,269	60,049	161,783
Charge for the year	2,713	726	208	19,245	22,892
	_______	_______	_______	_______	_______
At 31 March 2025	59,515	9,389	36,477	79,294	184,675
	_______	_______	_______	_______	_______
Carrying amount
At 31 March 2025	76,159	1,450	835	57,733	136,177
	_______	_______	_______	_______	_______
At 31 March 2024	78,872	2,176	1,043	76,978	159,069
	_______	_______	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	728,961	783,980
Other debtors	22,947	22,054
	_______	_______
	751,908	806,034
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	213,109	270,448
Social security and other taxes	367,483	330,128
Other creditors	10,166	9,461
	_______	_______
	590,758	610,037
	_______	_______

9. Controlling party

The directors are considered to be the ultimate controlling party.