REGISTERED NUMBER: 07437406 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 March 2025

for

M G JOINERY CONTRACTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M D Garness

REGISTERED OFFICE:

Lodge Farm

South Kilworth Road

Walcote

Lutterworth

LE17 4LA

REGISTERED NUMBER:

07437406 (England and Wales)

ACCOUNTANTS:

TC Group

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

FIXED ASSETS

Intangible assets

4

30,000

35,000

Tangible assets

5

631,594

630,434

661,594

665,434

CURRENT ASSETS

Stocks

15,170

14,238

Debtors

6

413,360

216,730

Cash at bank

117,615

72,371

546,145

303,339

CREDITORS

Amounts falling due within one year

7

257,584

141,003

NET CURRENT ASSETS

288,561

162,336

TOTAL ASSETS LESS CURRENT LIABILITIES

950,155

827,770

CREDITORS

Amounts falling due after more than one year

8

(167,784

)

(161,440

)

PROVISIONS FOR LIABILITIES

(62,187

)

(79,596

)

NET ASSETS

720,184

586,734

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

720,183

586,733

720,184

586,734

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 15 December 2025 and were signed by:

Mr M D Garness - Director

1.	STATUTORY INFORMATION

M G Joinery Contracts 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.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Going concern

The accounts have been prepared on a going concern basis, this assumes that fund will be made available by the company director and creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

100,000

AMORTISATION

At 1 April 2024

65,000

Amortisation for year

5,000

At 31 March 2025

70,000

NET BOOK VALUE

At 31 March 2025

30,000

At 31 March 2024

35,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Property

Plant and

and

Improvements

machinery

fittings

£

£

£

COST

At 1 April 2024

266,163

386,678

78,818

Additions

37,125

21,147

-

Disposals

-

(71,250

)

-

At 31 March 2025

303,288

336,575

78,818

DEPRECIATION

At 1 April 2024

-

136,019

23,502

Charge for year

-

34,940

13,829

Eliminated on disposal

-

(46,393

)

-

At 31 March 2025

-

124,566

37,331

NET BOOK VALUE

At 31 March 2025

303,288

212,009

41,487

At 31 March 2024

266,163

250,659

55,316

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

102,617

14,417

848,693

Additions

38,000

1,616

97,888

Disposals

-

-

(71,250

)

At 31 March 2025

140,617

16,033

875,331

DEPRECIATION

At 1 April 2024

49,827

8,911

218,259

Charge for year

21,114

1,988

71,871

Eliminated on disposal

-

-

(46,393

)

At 31 March 2025

70,941

10,899

243,737

NET BOOK VALUE

At 31 March 2025

69,676

5,134

631,594

At 31 March 2024

52,790

5,506

630,434

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

334,400

149,146

Other debtors

70,213

62,012

Prepayments and accrued income

8,747

5,572

413,360

216,730

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

37,854

33,333

Trade creditors

61,498

29,688

Corporation tax

87,406

40,912

Social security and other taxes

3,289

10,217

VAT

60,901

20,656

Other creditors

6,636

6,197

257,584

141,003

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 2-5 years

28,704

34,259

Hire purchase contracts

115,970

123,971

Directors' loan accounts

23,110

3,210

167,784

161,440

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

153,824

157,304

Secured against the asset they relate to.

10.	RELATED PARTY DISCLOSURES

Included in creditors over 1 year is a loan from the director of £23,894 (2024 £3,211). This loan is interest free and is classified as a long term liability. The director will give 12 months notice if the loan is to be recalled. No notice had been delivered to the company at the date of signing these accounts.

The company occupies land owned by the director for which they pay rent of £57,100 (2024 £62,100).