REGISTERED NUMBER: SC315308 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

MG Design Solutions Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Glennie

Mrs L Glennie

REGISTERED OFFICE:

Glenton House

Crimond

Fraserburgh

Aberdeenshire

AB43 8QJ

REGISTERED NUMBER:

SC315308 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

3,009

4,250

CURRENT ASSETS

Stocks

500

500

Debtors

5

-

290

Cash at bank

2,191

3,086

2,691

3,876

CREDITORS

Amounts falling due within one year

6

6,837

8,967

NET CURRENT LIABILITIES

(4,146

)

(5,091

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,137

)

(841

)

CREDITORS

Amounts falling due after more than one year

7

(2,000

)

(5,000

)

PROVISIONS FOR LIABILITIES

(572

)

(808

)

NET LIABILITIES

(3,709

)

(6,649

)

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

(3,719

)

(6,659

)

SHAREHOLDERS' FUNDS

(3,709

)

(6,649

)

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 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 22 December 2025 and were signed on its behalf by:

Mr M Glennie - Director

1.	STATUTORY INFORMATION

MG Design Solutions Ltd. is a private company, limited by shares , registered in Scotland. 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.

At 31 March 2025 the company's liabilities exceeded its total assets. The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is based upon the continued support of the shareholders.

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of services to customers. Revenue is recongised at the point services are provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Photography equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Photography

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

and 31 March 2025

9,162

6,495

5,405

21,062

DEPRECIATION

At 1 April 2024

7,138

4,954

4,720

16,812

Charge for year

506

385

350

1,241

At 31 March 2025

7,644

5,339

5,070

18,053

NET BOOK VALUE

At 31 March 2025

1,518

1,156

335

3,009

At 31 March 2024

2,024

1,541

685

4,250

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

6,495

Transfer to ownership

(6,495

)

At 31 March 2025

-

DEPRECIATION

At 1 April 2024

4,954

Transfer to ownership

(4,954

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

1,541

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Other debtors

-

290

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

3,000

3,000

Hire purchase contracts

-

1,191

Trade creditors

1,153

1,560

Taxation and social security

925

576

Other creditors

1,759

2,640

6,837

8,967

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

2,000

5,000

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M Glennie.