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Registration number: NI663580

MGT NI Contracts Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 August 2025

MGT NI Contracts Ltd

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 5

MGT NI Contracts Ltd

(Registration number: NI663580)
Balance Sheet as at 31 August 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 8,110 | 10,138
Current assets |  |  |
Stocks | 5 | 530 | -
Debtors | 6 | 5,616 | 3,622
Cash at bank and in hand |  | 21,035 | 3,988
|  | 27,181 | 7,610
Creditors: Amounts falling due within one year | 7 | (26,795) | (9,440)
Net current assets/(liabilities) |  | 386 | (1,830)
Net assets |  | 8,496 | 8,308
Capital and reserves |  |  |
Called up share capital | 8 | 1 | 1
Retained earnings |  | 8,495 | 8,307
Shareholders' funds |  | 8,496 | 8,308

For the financial year ending 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 January 2026

......................................... Mr Martin Barry Director

MGT NI Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

1 | General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

These financial statements were authorised for issue by the director on 13 January 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements and specifically in light of the Covid-19 pandemic. The directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

MGT NI Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Other tangible assets | 20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

MGT NI Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2024 - 0).

4 | Tangible assets

| Other tangible assets £ | Total £
Cost or valuation
At 1 September 2024 | 16,340 | 16,340
At 31 August 2025 | 16,340 | 16,340
Depreciation
At 1 September 2024 | 6,202 | 6,202
Charge for the year | 2,028 | 2,028
At 31 August 2025 | 8,230 | 8,230
Carrying amount
At 31 August 2025 | 8,110 | 8,110
At 31 August 2024 | 10,138 | 10,138

5 | Stocks

| 2025 £ | 2024 £
Work in progress | 530 | -

MGT NI Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 1,812 | 3,622
Other debtors | 3,804 | -
| 5,616 | 3,622

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 24,089 | 1,481
Amounts due to related parties |  | 41 | 559
Social security and other taxes |  | - | 814
Other payables |  | - | 2,868
Accruals |  | 1,910 | 1,805
Income tax liability |  | 755 | 1,913
|  | 26,795 | 9,440

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 1 | 1 | 1 | 1

9 | Control

The company is controlled by the director.